Island Lake, Illinois Property Taxes
The median property tax rate in Island Lake, IL is 3.00%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Island Lake, the typical annual property tax bill reaches $5,479, far exceeding the national median of $2,690. Property taxes in Island Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Island 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 Island Lake or another part of McHenry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Island Lake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3%
Estimate Property Tax Bill
$5,563
$5,162
Ownwell’s Island Lake Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Island Lake with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Island Lake to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more localized trends, additional neighborhood-level information is available further down the page. Your property’s assessed value is determined by McHenry County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Island Lake, Illinois
Property taxes in Island Lake, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Island Lake is 3.00%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Island Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Island 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 Island Lake's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60042 zip code has the highest median property tax rate of 3.00%, while the 60042 zip code also has the lowest median tax rate of 3.00%. Understanding how these cities compare with Island 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 Island Lake Tax Rate
3.00%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Island Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60042 | 2.70% | 2.90% | 3.00% | 3.06% | 3.32% |
Source: Ownwell
Property Tax Assessment Values Across Island Lake, Illinois
In Island 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 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 Island 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 Island Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Island Lake is $185,424, with the highest and lowest median tax bills both being $5,479 in the 60042 zip code.
Property Tax Assessment Values Across Island Lake, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Island Lake Assessed Value
$185,424
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 Island Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60042 | $131,754 | $146,196 | $185,424 | $219,878 | $308,366 |
Source: Ownwell
Property Tax Bills Across Island Lake, Illinois
In Island Lake, within McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assessor determines this assessed value, which is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Island Lake, the median home price is $185,424. Property tax bills can vary significantly, with the 25th percentile tax bill being $4,304 and the 75th percentile reaching $6,617. At the 90th percentile, homeowners may see tax bills as high as $9,295. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, the rates in Island Lake are notably higher, reflecting the region's specific funding needs and property values. Understanding these factors helps homeowners anticipate their financial responsibilities and the benefits they receive from their contributions.
Average Island Lake Tax Bill
$5,479
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Island Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60042 | $3,707 | $4,304 | $5,479 | $6,617 | $9,295 |
Source: Ownwell