Village Of Lakewood, Mchenry County, Illinois Property Taxes

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

Median Village of Lakewood, IL effective property tax rate: 2.82%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median Village of Lakewood, IL home value: $419,784. Median annual Village of Lakewood, IL tax bill: $11,824, $9,424 higher than the national median property tax bill of $2,400.

How are property taxes in McHenry calculated?

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

Last Updated March 1, 2025

Village Of Lakewood, Mchenry County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.82%

Estimate Property Tax Bill

$11,838

$10,985

Ownwell’s Village of Lakewood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Village of Lakewood with just two data points.

By entering your property's estimated assessed value, our calculator applies Village of Lakewood’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your 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 Village Of Lakewood, Mchenry County, Illinois

Local government entities determine tax rates, which can vary significantly within a state. This variation is due to each county's annual budget estimation for services, divided by the total assessed value of all taxable property within its borders. This calculation determines the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is essentially the yearly process.

In the Village of Lakewood, located in McHenry County, the effective property tax rate is notably higher than the national median of 1.02%. This places a considerable burden on property owners, with tax bills exceeding the national median of $2400. When compared to other cities in Illinois, the Village of Lakewood stands out with its higher tax rate, reflecting the state's trend of elevated property taxes. This scenario highlights the importance of understanding local tax dynamics, as they can significantly impact financial planning and property ownership costs.

Property Tax Rates Across Village Of Lakewood, 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 Village Of Lakewood Tax Rate

2.82%

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 Village Of Lakewood, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60014	2.61%	2.73%	2.82%	2.86%	2.92%

Source: Ownwell

Property Tax Assessment Values Across Village Of Lakewood, Mchenry County, Illinois

When examining property taxes in the Village of Lakewood, 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 Appraisal District 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 April. 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 the Village of Lakewood. For example, the median home price in the Village of Lakewood is $419,784, with tax bills ranging significantly across the county. Zip code 60014 has the highest median home price at $419,784.

Property Tax Assessment Values Across Village Of Lakewood, Mchenry County, Illinois

Source: Ownwell

$134,019

$378,264

$622,508

Median Village Of Lakewood Market Value

$419,784

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 Village Of Lakewood, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60014	$230,319	$303,442	$419,784	$501,648	$588,640

Source: Ownwell

Property Tax Bills Across Village Of Lakewood, Mchenry County, Illinois

In the Village of Lakewood, 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 median home price in this area is $419,784, leading to substantial property tax bills. Homeowners in Lakewood face a median property tax bill significantly higher than the national median of $2,400, with the 25th percentile bill at $8,101 and the 75th percentile reaching $14,205. This disparity highlights the financial burden on homeowners in this region.

Several factors contribute to the calculation of property taxes, including the local tax rate and the assessed value of the property. High property taxes can impact homeowners by increasing their monthly expenses, potentially affecting affordability and financial planning.

Ownwell offers a valuable service to homeowners by providing property tax appeal and exemption services. By leveraging expertise and local knowledge, Ownwell helps homeowners potentially reduce their tax bills, ensuring they only pay their fair share and alleviating some of the financial pressure associated with high property taxes.

Property Tax Bills Across Village Of Lakewood, Mchenry County, Illinois

Source: Ownwell

$3,508

$9,978

$16,448

Median Village Of Lakewood Tax Bill

$11,824

Median Mchenry County Tax Bill

$6,534

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Village Of Lakewood, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60014	$6,098	$8,101	$11,824	$14,205	$16,891

Source: Ownwell