Lockport, Will County, Illinois Property Taxes

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

Median Lockport, IL effective property tax rate: 2.78%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Lockport, IL home value: $237,082
Median annual Lockport, IL tax bill: $6,439, $4,039 higher than the national median property tax bill of $2,400.

How are property taxes in Will County calculated?

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

Last Updated March 1, 2025

Lockport, Will County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.78%

Estimate Property Tax Bill

$6,591

$6,116

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

Property Tax Rates Across Lockport, Will County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Lockport in Will County, Illinois, stands out with its effective property tax rate of 2.78%, significantly higher than the national median of 1.02%. This rate is consistent across the county, as both the highest and lowest median tax rates in this area are at 2.78%. Compared to other cities in Illinois, Lockport’s rate is on the higher end, reflecting the county’s budgetary needs and property values. For residents, this means a property tax bill that is substantially above the national median of $2400. Understanding these rates can empower property owners to make informed decisions about appealing their property taxes and exploring potential exemptions.

Property Tax Rates Across Lockport, Will County, Illinois

Source: Ownwell

1.73%

3.67%

5.61%

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 Lockport Tax Rate

2.78%

Median Effective Will County Tax Rate

2.62%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lockport, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60441	2.17%	2.56%	2.78%	2.93%	3.02%

Source: Ownwell

Property Tax Assessment Values Across Lockport, Will County, Illinois

When examining property taxes in Lockport, 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 Will 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 Will 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 Lockport. For example, the median home price in Lockport is $237,082, with tax bills ranging significantly across the county. Zip code 60441 has the highest median home price at $237,082.

Property Tax Assessment Values Across Lockport, Will County, Illinois

Source: Ownwell

$101,070

$390,154

$679,238

Median Lockport Market Value

$237,082

Median Will County Market Value

$251,502

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lockport, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60441	$132,993	$183,047	$237,082	$323,947	$402,952

Source: Ownwell

Property Tax Bills Across Lockport, Will County, Illinois

In Lockport, located in Will County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this area face a median property tax bill of $6,439, significantly higher than the national median of $2,400. This is largely due to Illinois' property tax rate being among the highest in the country. The assessed value is determined by the county assessor and reflects a percentage of the home's market value. Factors such as changes in market conditions and local government budgets can influence the tax rate and, consequently, the property tax bill. For homeowners, this can mean a substantial financial burden, especially when considering the 90th percentile tax bill reaches $11,465. Ownwell offers a solution by helping homeowners appeal their property tax assessments, potentially lowering their tax bills. With expert knowledge and a streamlined process, Ownwell can identify discrepancies in property assessments and guide homeowners through the appeal process to ensure they only pay their fair share.

Property Tax Bills Across Lockport, Will County, Illinois

Source: Ownwell

$1,870

$11,744

$21,617

Median Lockport Tax Bill

$6,439

Median Will County Tax Bill

$6,703

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Lockport, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60441	$3,052	$4,691	$6,439	$9,068	$11,465

Source: Ownwell