Lockport, Illinois Property Taxes
The median property tax rate in Lockport, IL is 2.78%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lockport at $237,082, the typical annual property tax bill reaches $6,439, exceeding the national median of $2,690. Property taxes in Lockport 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 Lockport'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 Lockport 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
Lockport, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$6,591
$6,116
Ownwell’s Lockport Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lockport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockport 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 Lockport, Illinois
Property taxes in Lockport, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockport is 2.78%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lockport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockport 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 Lockport's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60441 zip code has the highest median property tax rate of 2.78%, while the same zip code also holds the lowest median tax rate of 2.78%. Understanding how these cities compare with Lockport provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockport Tax Rate
2.78%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockport, 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, Illinois
In Lockport, 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 Will County Assessor's Office 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 Lockport, 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 Lockport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60441, amounting to $6,439.
Average Lockport Assessed Value
$237,082
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockport, 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, Illinois
In Lockport, located in Will County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the market value of the property. For homeowners in Lockport, the median home price is $237,082. The property tax rate in Will County is higher than the national median property tax rate of 0.99%, resulting in significant tax bills for residents. The tax bill can vary widely depending on the assessed value and specific local tax rates. For instance, the 25th percentile tax bill in Lockport is $4,691, while the 75th percentile tax bill reaches $9,068, and the 90th percentile tax bill can be as high as $11,465. The highest and lowest median tax bills in Lockport are both $6,439, indicating a consistent tax burden across different areas within the city. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners.
Average Lockport Tax Bill
$6,439
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockport, 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