Fox Lake, Mchenry County, Illinois Property Taxes
Median Fox Lake, IL effective property tax rate: 2.75%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Fox Lake, IL home value: $193,018
Median annual Fox Lake, IL tax bill: $5,141, $2,741 higher than the national median property tax bill of $2,400.
How are property taxes in McHenry calculated?
Property taxes in Fox Lake, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Fox Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Fox Lake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Fox Lake, Mchenry County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.75%
Estimate Property Tax Bill
$5,308
$4,926
Property Tax Rates Across Fox Lake, Mchenry County, Illinois
Local government entities set tax rates, which can vary widely within Illinois. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell.
Fox Lake in McHenry County has an effective property tax rate of 2.75%, significantly higher than the national median property tax rate of 1.02%. This means that homeowners in Fox Lake pay a higher percentage of their property's assessed value in taxes compared to the national average. With the national median property tax bill at $2,400, residents in Fox Lake may find their property tax bills substantially larger due to the higher tax rate.
Comparing Fox Lake’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. provides valuable insight for homeowners. Understanding where Fox Lake stands in terms of property tax rates can help residents make informed decisions about their property investments and financial planning.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Fox Lake Taxx Rate
2.75%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Mchenry County Taxx Rate
2.75%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Fox Lake, Mchenry County, 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, Mchenry County, Illinois
When examining property taxes in Fox Lake, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The McHenry County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In McHenry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Fox Lake.
For example, the median home price in Fox Lake is $193,018, with tax bills ranging significantly across the county. The zip code 60020 has the highest median home price at $193,018.
Property Tax Assessment Values Across Fox Lake, Mchenry County, Illinois
Source: Ownwell
$134,019
$378,264
$622,508
Median Fox Lake Market Value
$193,018
Median Mchenry County Market Value
$241,654
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Fox Lake, Mchenry County, 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, Mchenry County, Illinois
In Fox Lake, located in McHenry County, IL, property tax bills are determined by the assessed value of a home, which is then multiplied by the local tax rate. The median home price in this area is approximately $193,018. This results in a median property tax bill of $5,141, significantly higher than the national median property tax bill of $2,400. Factors such as location, property size, and improvements can influence the assessed value, impacting the final tax bill. Homeowners in Fox Lake face tax bills that range from the 25th percentile at $4,682 to the 90th percentile at $5,778, with the highest and lowest median tax bills both recorded at $5,141 in zip code 60020.
Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By leveraging local expertise and a deep understanding of tax regulations, Ownwell helps homeowners identify potential savings, ensuring they pay only what is fair. This service can be crucial in reducing the financial burden of high property taxes for Fox Lake residents.
Median Fox Lake Tax Bill
$5,141
Median Mchenry County Tax Bill
$6,534
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Fox Lake, Mchenry County, 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