Lake Barrington, Mchenry County, Illinois Property Taxes

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

Median LAKE BARRINGTON, IL effective property tax rate: 2.62%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median LAKE BARRINGTON, IL home value: $850,149
Median annual LAKE BARRINGTON, IL tax bill: $22,272, $19,872 higher than the national median property tax bill of $2,400.

How are property taxes in McHenry calculated?

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

Last Updated March 1, 2025

Lake Barrington, Mchenry County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.62%

Estimate Property Tax Bill

$22,274

$20,670

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

Property Tax Rates Across Lake Barrington, Mchenry County, Illinois

Local government entities are responsible for setting property tax rates, which can vary significantly within a state. Each year, counties estimate their required budget to provide essential services and divide that by the total value of all taxable property within their jurisdiction, resulting in the property tax rate. While setting these rates and budgets involves votes and laws, this is essentially the annual process.

In Lake Barrington, located in McHenry County, Illinois, the effective property tax rate stands out when compared to other cities within the state. Illinois has a median property tax rate of 2.62%, which is notably higher than the national median property tax rate of 1.02%. This means that property owners in Lake Barrington may be paying significantly more in property taxes than the average American homeowner. Understanding these differences is crucial for property owners looking to manage their tax liabilities effectively. By appealing property tax assessments, homeowners in Lake Barrington have the potential to reduce their tax burden and ensure they are not overpaying compared to the assessed values.

Property Tax Rates Across Lake Barrington, Mchenry County, Illinois

Source: Ownwell

2.29%

2.72%

3.15%

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 Barrington Tax Rate

2.62%

Median Effective Mchenry County Tax Rate

2.75%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake Barrington, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60010	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Lake Barrington, Mchenry County, Illinois

When examining property taxes in LAKE BARRINGTON, 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 McHenry County Assessor's Office 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. Assessment notices: In McHenry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 BARRINGTON. For example, the median home price in LAKE BARRINGTON is $850,149, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Lake Barrington, Mchenry County, Illinois

Source: Ownwell

$134,019

$378,264

$622,508

Median Lake Barrington Market Value

$850,149

Median Mchenry County Market Value

$241,654

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake Barrington, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60010	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Lake Barrington, Mchenry County, Illinois

In Lake Barrington, located in McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this area face a significant tax burden, with the median tax bill reaching $22,272. This is considerably higher than the national median property tax bill of $2,400. The assessed value is influenced by factors such as home size, location, and improvements. High property taxes can strain homeowners' finances, making it crucial to ensure their assessments are fair and accurate.

Ownwell assists homeowners by providing property tax appeal services, potentially reducing their tax bills. By analyzing property assessments and market data, Ownwell identifies discrepancies or overvaluations. Our experts handle the appeal process, aiming to lower the assessed value and, consequently, the tax bill. With Ownwell's expertise, homeowners in Lake Barrington can achieve substantial savings, easing the financial pressure of high property taxes.

Property Tax Bills Across Lake Barrington, Mchenry County, Illinois

Source: Ownwell

$3,508

$9,978

$16,448

Median Lake Barrington Tax Bill

$22,272

Median Mchenry County Tax Bill

$6,534

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake Barrington, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60010	N/A	N/A	N/A	N/A	N/A

Source: Ownwell