Mccullom Lake, Mchenry County, Illinois Property Taxes

Name: Property Tax Bills Across Mccullom Lake, Mchenry County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median McCullom Lake, IL effective property tax rate: 2.76%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median McCullom Lake, IL home value: $134,019
Median annual McCullom Lake, IL tax bill: $3,508, $1,108 higher than the national median property tax bill of $2,400.

How are property taxes in McHenry calculated?

Property taxes in McCullom 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 McCullom Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in McCullom Lake, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Mccullom Lake, Mchenry County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.76%

Estimate Property Tax Bill

$3,699

$3,432

Ownwell’s McCullom Lake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in McCullom Lake with just two data points. By entering your property's estimated assessed value, our calculator applies McCullom Lake’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by McHenry County — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in McHenry County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Mccullom Lake, Mchenry County, Illinois

Local government entities in Illinois set tax rates, which can vary widely within the state. This variation is due to each county annually estimating its required budget to provide services and dividing that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.

In McCullom Lake, located in McHenry County, the effective property tax rate stands at 2.76%. This rate is notably higher than the national median property tax rate of 1.02%. Residents of McCullom Lake face one of the highest property tax rates in the state, matching the highest median tax rate within the region. This can significantly impact the overall cost of homeownership, as property taxes are a recurring expense. For potential homeowners, it's essential to consider these rates when evaluating the affordability of living in McCullom Lake compared to other areas.

Property Tax Rates Across Mccullom Lake, Mchenry County, Illinois

Source: Ownwell

2.29%

2.72%

3.15%

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 Mccullom Lake Tax Rate

2.76%

Median Effective Mchenry County Tax Rate

2.75%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Mccullom Lake, Mchenry County, 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, Mchenry County, Illinois

When examining property taxes in McCullom 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 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.

Assessment notices: 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 McCullom Lake.

For example, the median home price in McCullom Lake is $134,019, with tax bills ranging significantly across the county. Zip code 60050 has the highest median home price at $134,019.

Property Tax Assessment Values Across Mccullom Lake, Mchenry County, Illinois

Source: Ownwell

$134,019

$378,264

$622,508

Median Mccullom Lake Market Value

$134,019

Median Mchenry County Market Value

$241,654

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Mccullom Lake, Mchenry County, 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, Mchenry County, Illinois

In McCullom Lake, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This value is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in McCullom Lake is $134,019, and property tax bills can vary significantly, with the 25th percentile at $2,779 and the 75th percentile at $4,708. Notably, the highest median tax bill in the area is $3,508, which is above the national median property tax bill of $2,400. Homeowners in McCullom Lake may find their tax bills quite impactful, especially when compared to the national median property tax rate of 1.02%. Ownwell offers valuable assistance by providing property tax appeal services, potentially lowering these bills. By reviewing assessments and identifying discrepancies, Ownwell helps homeowners ensure their property taxes are fair, leading to significant savings. This service is particularly beneficial in areas like McCullom Lake, where property taxes can be a substantial financial burden.

Property Tax Bills Across Mccullom Lake, Mchenry County, Illinois

Source: Ownwell

$3,508

$9,978

$16,448

Median Mccullom Lake Tax Bill

$3,508

Median Mchenry County Tax Bill

$6,534

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Mccullom Lake, Mchenry County, 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