Crystal Lake, Illinois Property Taxes
The median property tax rate in Crystal Lake, IL is 2.87%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Crystal Lake at $254,938, the typical annual property tax bill reaches $7,219, far exceeding the national median of $2,690. Property taxes in Crystal Lake are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Crystal Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Crystal Lake or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crystal Lake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.87%
Estimate Property Tax Bill
$7,317
$6,790
Ownwell’s Crystal Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crystal Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crystal Lake to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by McHenry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Crystal Lake, Illinois
Property taxes in Crystal Lake, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crystal Lake is 2.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Crystal Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crystal Lake estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Crystal Lake's effective property tax rate to other areas in McHenry County and the national median. For comparison, the 60014 zip code has the highest median property tax rate of 2.88%, while the 60012 zip code has the lowest median tax rate of 2.77%. Understanding how these areas compare with Crystal Lake provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crystal Lake Tax Rate
2.87%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crystal Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60012 | 2.54% | 2.63% | 2.77% | 3.01% | 3.07% |
| 60014 | 2.51% | 2.72% | 2.88% | 2.97% | 3.16% |
Source: Ownwell
Property Tax Assessment Values Across Crystal Lake, Illinois
In Crystal Lake, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the McHenry County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Crystal Lake, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price is $254,938, with tax bills ranging significantly. The highest median tax bill is $9,429 in the 60012 zip code, while the lowest is $6,660 in the 60014 zip code. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Crystal Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Crystal Lake, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Crystal Lake Assessed Value
$254,938
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crystal Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60012 | $206,834 | $275,061 | $335,868 | $393,466 | $481,763 |
| 60014 | $141,627 | $188,208 | $235,281 | $299,469 | $379,431 |
Source: Ownwell
Property Tax Bills Across Crystal Lake, Illinois
In Crystal Lake, located in McHenry County, IL, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property location, home size, and market trends are considered in the assessment process. For homeowners in Crystal Lake, the median home price is $254,938. Tax bills can vary significantly, with the 25th percentile at $5,408 and the 75th percentile reaching $9,461, while the 90th percentile can go up to $11,836. The highest median tax bill in the area is $9,429 in the 60012 zip code, while the lowest is $6,660 in the 60014 zip code. These property taxes are essential for funding local services like schools, public safety, and infrastructure. However, they can also represent a significant financial burden for homeowners, especially when compared to the national median property tax rate of 0.99%.
Average Crystal Lake Tax Bill
$7,219
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Crystal Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60012 | $5,287 | $7,473 | $9,429 | $11,296 | $13,652 |
| 60014 | $3,513 | $5,189 | $6,660 | $8,679 | $11,059 |
Source: Ownwell