Wonder Lake, Illinois Property Taxes
The median property tax rate in Wonder Lake, IL is 2.72%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wonder Lake at $162,102, the typical annual property tax bill reaches $4,323, exceeding the national median of $2,690. Property taxes in Wonder 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 Wonder 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 Wonder 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
Wonder Lake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$4,409
$4,092
Ownwell’s Wonder Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wonder Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wonder 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 Wonder Lake, Illinois
Property taxes in Wonder Lake, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wonder Lake is 2.72%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wonder Lake set these rates annually, and they can vary considerably across different neighborhoods. Each year, Wonder 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 Wonder Lake's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 60097 has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these figures compare with Wonder 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 Wonder Lake Tax Rate
2.72%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wonder Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60097 | 2.22% | 2.50% | 2.72% | 2.90% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Wonder Lake, Illinois
In Wonder 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 Wonder 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. The median home price in Wonder Lake is $162,102, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $3,112, while the 75th percentile tax bill is $6,383, and the 90th percentile reaches up to $8,757. The zip code 60097 has both the highest and lowest median tax bill at $4,323. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wonder Lake, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Wonder Lake Assessed Value
$162,102
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 Wonder Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60097 | $90,671 | $121,566 | $162,102 | $229,347 | $304,193 |
Source: Ownwell
Property Tax Bills Across Wonder Lake, Illinois
In Wonder Lake, located in McHenry County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor's office. Various factors, such as property size, location, and improvements, are considered in this assessment. Homeowners in Wonder Lake can expect varying tax bills depending on these assessments. For instance, the median home price is $162,102, and tax bills can range significantly. At the 25th percentile, property tax bills are around $3,112, while those at the 75th percentile can reach up to $6,383. The top 10% of tax bills can even go as high as $8,757. These property taxes are crucial for funding local services like schools, infrastructure, and emergency services. However, they represent a significant expense for homeowners, often influencing their financial planning and decisions regarding property investments.
Average Wonder Lake Tax Bill
$4,323
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wonder Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60097 | $2,191 | $3,112 | $4,323 | $6,383 | $8,757 |
Source: Ownwell