Lakewood, Illinois Property Taxes
The median property tax rate in Lakewood, IL is 2.66%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lakewood at $297,386, the typical annual property tax bill reaches $15,840, far exceeding the national median of $2,690. Property taxes in Lakewood 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 Lakewood'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 Lakewood 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
Lakewood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$7,910
$7,730
Ownwell’s Lakewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood 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 Lakewood, Illinois
Property taxes in Lakewood, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakewood is 2.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood 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 Lakewood's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60014 zip code has the highest median property tax rate of 2.66%, while the same zip code also has the lowest median tax rate of 2.66%. Understanding how these cities compare with Lakewood 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 Lakewood Tax Rate
2.66%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | 2.66% | 2.66% | 2.66% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, Illinois
In Lakewood, 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 Assessment 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 Lakewood, 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 Lakewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lakewood is $15,840 in the 60014 zip code, which is also the lowest median tax bill.
Average Lakewood Assessed Value
$297,386
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 Lakewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $59,516 | $148,717 | $297,386 | $446,054 | $535,256 |
Source: Ownwell
Property Tax Bills Across Lakewood, Illinois
Property tax bills in Lakewood, McHenry County, IL, are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $297,386, the assessed value would be a fraction of this amount. The local tax rate is then applied to the assessed value to calculate the tax bill. In Lakewood, the tax bills are notably high, with the median tax bill reaching $15,840. This is significantly higher than the national median property tax rate of 0.99%, reflecting the local government's reliance on property taxes to fund public services. Homeowners in Lakewood should be aware of these higher rates, as they can significantly impact their annual expenses. Understanding how these tax bills are calculated can help homeowners anticipate their costs and budget accordingly.
Average Lakewood Tax Bill
$15,840
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $15,840 | $15,840 | $15,840 | $15,840 | $15,840 |
Source: Ownwell