Lakemoor, Illinois Property Taxes
The median property tax rate in Lakemoor, IL is 3.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lakemoor, the typical annual property tax bill reaches $4,765, exceeding the national median of $2,690. Property taxes in Lakemoor 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 Lakemoor'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 Lakemoor 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
Lakemoor, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.11%
Estimate Property Tax Bill
$4,631
$4,297
Ownwell’s Lakemoor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakemoor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakemoor 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 Lakemoor, Illinois
Property taxes in Lakemoor, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakemoor is 3.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lakemoor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakemoor 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 Lakemoor's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60051 zip code has the highest median property tax rate of 3.11%, while the same zip code also has the lowest median tax rate of 3.11%. Understanding how these areas compare with Lakemoor 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 Lakemoor Tax Rate
3.11%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakemoor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60051 | 2.57% | 2.78% | 3.11% | 3.25% | 3.59% |
Source: Ownwell
Property Tax Assessment Values Across Lakemoor, Illinois
In Lakemoor, 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 Lakemoor, 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 Lakemoor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest and lowest median tax bills in Lakemoor are both $4,765, found in the 60051 zip code.
Average Lakemoor Assessed Value
$148,908
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 Lakemoor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60051 | $106,458 | $129,624 | $148,908 | $193,893 | $247,601 |
Source: Ownwell
Property Tax Bills Across Lakemoor, Illinois
In Lakemoor, McHenry County, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $148,908, homeowners can expect tax bills that vary significantly. At the 25th percentile, the tax bill is around $4,150, while at the 75th percentile, it rises to approximately $5,478. The highest tax bills, at the 90th percentile, can reach up to $7,753. The property tax rate in Lakemoor is notably higher than the national median property tax rate of 0.99%, reflecting the local funding needs for schools, infrastructure, and public services. This higher tax rate impacts homeowners by increasing their annual expenses, which can affect decisions about home ownership and property investment. Understanding these factors is crucial for homeowners to budget effectively and plan for future financial obligations.
Average Lakemoor Tax Bill
$4,765
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakemoor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60051 | $2,704 | $4,150 | $4,765 | $5,478 | $7,753 |
Source: Ownwell