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Lake County, IL Property Tax Information
Gain insightful knowledge on property tax assessments, tax records, rates and exemptions
Search Property Tax Records in Lake County, IL
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Sample Property Tax Report for a Lake County, IL property
The State of Illinois does not have a statewide property tax. Property taxes are determined at local levels, and pay for services such as schools, libraries, park districts, fire protection districts and others. In Illinois, taxable property includes only real property such as land, buildings or permanent facilities.
Market value has been defined by The Supreme Court as the sale price of real estate as agreed upon between a willing buyer and willing seller, with neither being under duress to buy or sell.
Assessment is the basis upon which taxing authorities tax a property. Real property in Illinois is generally assessed at 1/3 of its market value; however, its agricultural economic value may be substituted if it has been used for farmland for the previous two years.
|Land assessed value||$5,040|
|Building assessed value||+||$7,730|
The Illinois Department of Revenue is required by law to calculate a tax equalization factor, often called the multiplier, to achieve uniform property assessment throughout the state. Once the Department has certified the final equalization factor, the County Clerk applies the factor to the final assessed value determined by the Assessor and modified by the Board of Review. The new value is called equalized assessed value (EAV). This value is the final taxable value of the property unless exemptions are applied.
Right now the equalization factor for Lake County is 1.0000, therefore the EAV is equal with the assessed value.
|Equalized assessed value||=||$12,770|
Exemptions are available in Lake County, which may lower the property's tax bill. These are deducted from the property's equalized assessed value to give the property's taxable value. We have no information about whether any exemptions currently apply to this property. Therefore, the taxable value will be equal to the assessed value.
Property tax is obtained by multiplying the final taxable value by the total tax rate applicable to it and is an estimate of what an owner not benefiting from any exemptions would pay.
|Tax description||Taxable value||Tax rate||Tax amount|
|City Of Waukegan||$12,770||*||3.3400%||=||$426.52|
|College Of Lake County #532||$12,770||*||0.2960%||=||$37.80|
|County Of Lake||$12,770||*||0.6630%||=||$84.67|
|North Shore San Dist||$12,770||*||0.1640%||=||$20.94|
|Road And Bridge-Waukegan||$12,770||*||0.0460%||=||$5.87|
|Township Of Waukegan||$12,770||*||0.4900%||=||$62.57|
|Waukegan Comm Unit School Dist #60||$12,770||*||9.2920%||=||$1,186.59|
|Waukegan Park Dist||$12,770||*||1.1070%||=||$141.36|
Actual taxes might differ from the figures displayed here due to various abatement and financial assistance programs.
For more information please visit the web pages of Lake County's Assessor and Treasurer or look up this property's current tax situation.
Tax per SqFt: $1.09
On this map, you can see the tax value paid per square foot for this property.
|Square Foot||1822 SqFt|
|Tax per sqft:||$1.09|
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