Fox Lake, Illinois Property Taxes
The median property tax rate in Fox Lake, IL is 2.75%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fox Lake at $193,018, the typical annual property tax bill reaches $5,141, exceeding the national median of $2,690. Property taxes in Fox Lake are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fox 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 Fox 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
Fox Lake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.75%
Estimate Property Tax Bill
$5,308
$4,926
Ownwell’s Fox Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fox Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fox 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fox Lake, Illinois
Property taxes in Fox Lake, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fox Lake is 2.75%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fox Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fox 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 Fox Lake's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60020 zip code has the highest median property tax rate of 2.75%, while the same zip code also has the lowest median tax rate of 2.75%. Understanding how these cities compare with Fox 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 Fox Lake Tax Rate
2.75%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fox Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60020 | 2.48% | 2.57% | 2.75% | 2.79% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Fox Lake, Illinois
In Fox 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 Assessor's Office 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 Fox 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. 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 Fox Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Fox Lake's median home price is $193,018, with the median tax bill in the 25th percentile at $4,682 and in the 75th percentile at $5,769. The highest and lowest median tax bills are both $5,141 in the 60020 zip code.
Average Fox Lake Assessed Value
$193,018
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 Fox Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60020 | $171,111 | $181,366 | $193,018 | $206,649 | $206,673 |
Source: Ownwell
Property Tax Bills Across Fox Lake, Illinois
In Fox Lake, located in McHenry County, IL, property tax bills are determined by several key factors. Firstly, the local government assesses the market value of a home, which reflects its current worth in the real estate market. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. The median home price in Fox Lake is $193,018, and the property tax rate is notably higher than the national median of 0.99%. Homeowners in Fox Lake can expect to pay between $4,682 and $5,769 in property taxes annually, depending on their property's assessed value. The highest median tax bill in the area is $5,141, corresponding to the zip code 60020. These tax bills significantly impact homeowners by contributing to the local budget for public services such as schools, infrastructure, and emergency services. Understanding how these factors interplay can help homeowners better anticipate and manage their annual property tax obligations.
Average Fox Lake Tax Bill
$5,141
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fox Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60020 | $4,364 | $4,682 | $5,141 | $5,769 | $5,778 |
Source: Ownwell