Lakewood, Illinois Property Taxes
The median property tax rate in Lakewood, IL is 2.14%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lakewood, the typical annual property tax bill reaches $1,413, exceeding the national median of $2,690. Property taxes in Lakewood 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 Lakewood'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 Lakewood 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
Lakewood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$1,573
$1,538
Ownwell’s Lakewood Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood to estimate your property tax bill. This intuitive tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, scroll down for 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 Lakewood, Illinois
Property taxes in Lakewood, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakewood is 2.14%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood 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 Lakewood's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62438 zip code has the highest median property tax rate of 2.14%, while also having the lowest median tax rate of 2.14%. Understanding how these areas compare with Lakewood provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakewood Tax Rate
2.14%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62438 | 1.38% | 1.70% | 2.14% | 2.47% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, Illinois
In Lakewood, 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 Shelby County Appraisal District 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 Lakewood, 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 Lakewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 62438, amounting to $1,413.
Average Lakewood Assessed Value
$73,527
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62438 | $12,408 | $30,417 | $73,527 | $122,424 | $173,378 |
Source: Ownwell
Property Tax Bills Across Lakewood, Illinois
Property tax bills in Lakewood, Shelby County, IL, are determined based on the assessed value of a property, which is typically a percentage of its market value. Local tax rates, set by various taxing authorities such as school districts and municipalities, are then applied to this assessed value. For example, the median home price in Lakewood is $73,527, and homeowners can expect a range of tax bills depending on their property’s assessed value and applicable tax rates. Factors influencing tax bills include property size, location, and any improvements made. In Lakewood, the 25th percentile tax bill is $610, while the 75th percentile reaches $2,492, and the 90th percentile can go up to $3,602. These figures highlight the variability in tax obligations, which can significantly impact homeowners' annual financial planning. Compared to the national median property tax rate of 0.99%, Lakewood's rates may offer some homeowners a relatively favorable tax environment, though individual experiences will vary based on specific property assessments and local tax levies.
Average Lakewood Tax Bill
$1,413
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62438 | $276 | $610 | $1,413 | $2,492 | $3,602 |
Source: Ownwell