Lake City, Moultrie County, Illinois Property Taxes

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

Median Lake City, IL effective property tax rate: 1.75%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Lake City, IL home value: $63,078
Median annual Lake City, IL tax bill: $1,066, $1,334 lower than the national median property tax bill of $2,400.

How are property taxes in Moultrie calculated?

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

Last Updated March 1, 2025

Lake City, Moultrie County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.75%

Estimate Property Tax Bill

$1,104

$1,024

Ownwell’s Lake City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, our calculator applies Lake City’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 Moultrie County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake City, Moultrie County, Illinois

Local government entities set tax rates, and these can vary significantly within a state. The process involves each county estimating its required budget to provide essential services and then dividing that amount by the total value of all taxable properties within its jurisdiction. This calculation determines the property tax rate. Although there are votes and legislative measures involved in setting these rates and budgets, this is the fundamental annual procedure. In Lake City, located in Moultrie County, Illinois, the effective property tax rate can be compared to other cities within the state and the broader U.S. landscape. The median property tax rate in Illinois is notably higher than the national median property tax rate of 1.02%, reflecting the diverse range of tax rates across different regions. This comparison highlights the importance of understanding local tax rates, as they directly impact property tax bills. Knowing these rates can empower property owners to make informed decisions about property tax appeals and exemptions.

Property Tax Rates Across Lake City, Moultrie County, Illinois

Source: Ownwell

1.58%

1.94%

2.29%

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 Lake City Tax Rate

1.75%

Median Effective Moultrie County Tax Rate

2.15%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake City, Moultrie County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61937	1.20%	1.39%	1.75%	2.13%	2.13%

Source: Ownwell

Property Tax Assessment Values Across Lake City, Moultrie County, Illinois

When examining property taxes in Lake City, 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 Moultrie 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.

In Moultrie 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 Lake City. For example, the median home price in Lake City is $63,078, with tax bills ranging significantly across the county. Zip code 61937 has the highest median home price at $63,078.

Property Tax Assessment Values Across Lake City, Moultrie County, Illinois

Source: Ownwell

$34,636

$96,488

$158,340

Median Lake City Market Value

$63,078

Median Moultrie County Market Value

$97,648

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake City, Moultrie County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61937	$12,873	$31,816	$63,078	$101,832	$128,556

Source: Ownwell

Property Tax Bills Across Lake City, Moultrie County, Illinois

In Lake City, located in Moultrie County, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The median property tax bill in this area is $1,066, significantly lower than the national median of $2,400. Factors influencing the tax bill include the assessed value of the home and the specific tax rate set by local authorities. With a median home price of $63,078, homeowners in Lake City benefit from relatively low property taxes compared to other regions. However, tax bills can vary widely, with the 25th percentile at $565 and the 90th percentile reaching $2,310. This variation underscores the importance of ensuring your property is accurately assessed. Ownwell assists homeowners by reviewing property assessments and identifying opportunities for tax appeals or exemptions. By leveraging expertise in local tax codes, Ownwell helps homeowners potentially reduce their tax burden, ensuring they pay only what is fair and justified.

Property Tax Bills Across Lake City, Moultrie County, Illinois

Source: Ownwell

$561

$2,347

$4,133

Median Lake City Tax Bill

$1,066

Median Moultrie County Tax Bill

$2,121

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake City, Moultrie County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61937	$268	$565	$1,066	$1,774	$2,310

Source: Ownwell