Mccullom Lake, Illinois Property Taxes
The median property tax rate in McCullom Lake, IL is 2.76%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in McCullom Lake at $134,019, the typical annual property tax bill reaches $3,508, exceeding the national median of $2,690. Property taxes in McCullom Lake 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 McCullom 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 McCullom 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
Mccullom Lake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.76%
Estimate Property Tax Bill
$3,699
$3,614
Ownwell’s MCCULLOM LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MCCULLOM LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MCCULLOM 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 Mccullom Lake, Illinois
Property taxes in McCullom 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 McCullom Lake is 2.76%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within McCullom Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, McCullom 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 McCullom Lake's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60050 zip code has the highest median property tax rate of 2.76%, while the same zip code also has the lowest median tax rate of 2.76%. Understanding how these areas compare with McCullom 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 Mccullom Lake Tax Rate
2.76%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mccullom Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60050 | 2.10% | 2.56% | 2.76% | 3.09% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Mccullom Lake, Illinois
In McCullom 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 McCullom 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 McCullom Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in McCullom Lake are both $3,508, found in the zip code 60050.
Property Tax Assessment Values Across Mccullom Lake, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Mccullom Lake Assessed Value
$134,019
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 Mccullom Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60050 | $85,988 | $106,712 | $134,019 | $171,860 | $209,309 |
Source: Ownwell
Property Tax Bills Across Mccullom Lake, Illinois
Property tax bills in McCullom Lake, located in McHenry County, IL, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by local assessors who evaluate properties periodically to reflect market conditions. In McCullom Lake, homeowners experience property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $2,779, while the 75th percentile reaches $4,708, and the 90th percentile can be as high as $5,757. These figures indicate a substantial range in tax obligations, influenced by factors such as property size, location, and market value. Compared to the national median property tax rate of 0.99%, the tax rates in McCullom Lake are relatively high, impacting homeowners' annual expenses. The highest median tax bill in the area is $3,508, which is consistent across zip code 60050. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Mccullom Lake Tax Bill
$3,508
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mccullom Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60050 | $1,886 | $2,779 | $3,508 | $4,708 | $5,757 |
Source: Ownwell