Highwood, Lake County, Illinois Property Taxes
Property Taxes in Highwood, Illinois
Median Highwood, Illinois effective property tax rate: 2.43%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.
Median Highwood, Illinois home value: $363,453
Median annual Highwood, Illinois tax bill: $8,757, $6,357 higher than the national median property tax bill of $2,400.
How are property taxes in Lake calculated?
Property taxes in Highwood, Illinois 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 Highwood's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Highwood, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Highwood, Lake County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.43%
Estimate Property Tax Bill
$8,832
$8,196
How Does the Highwood Property Tax Calculator Work?
Use this Highwood property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Highwood's median effective tax rate of 2.43% — based on actual property records in Lake County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessor uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Highwood's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Highwood's median effective tax rate is higher than Illinois's 2.33% median and the national median property tax rate of 1.02%. The median property tax bill is $8,757, which is $6,357 higher than the state median bill.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Highwood.
About Highwood Property Taxes
About Property Taxes in Highwood, Lake, Illinois
Highwood’s median effective property tax rate of 2.43% is higher than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the Lake County base levy combined with local school district levies and special service areas that vary by subdivision throughout the city.
Property tax rates are not uniform across Highwood. Homeowners in ZIP code 60040 carry a median effective rate of 2.43%, and the same ZIP also has a median tax bill of $8,757. That puts Highwood well above the national median property tax bill of $2,400, with a difference of $6,357 from the Illinois state median tax bill. The median home price is $363,453.
Highwood homeowners who believe their assessed value is too high can file a formal appeal with the Lake County Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Highwood, Lake County, Illinois
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, 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.
Below, you can compare Highwood's effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
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 Highwood Tax Rate
2.43%
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 County Tax Rate
2.61%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Highwood, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60040 | 2.11% | 2.31% | 2.43% | 2.54% | 2.55% |
Source: Ownwell
Property Tax Assessment Values Across Highwood, Lake County, Illinois
When examining property taxes in Highwood, Illinois, 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 Lake County assessor 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 Lake County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
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 Highwood.
For example, the median home price in Highwood is $363,453, with tax bills ranging significantly across the county. 60040 has the highest median home price at $363,453.
Property Tax Assessment Values Across Highwood, Lake County, Illinois
Source: Ownwell
$153,792
$627,201
$1,100,609
Median Highwood Market Value
$363,453
Median Lake County Market Value
$317,980
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across Highwood, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60040 | $207,031 | $287,924 | $363,453 | $513,056 | $718,435 |
Source: Ownwell
Property Tax Bills Across Highwood, Lake County, Illinois
How are property tax bills calculated in Highwood?
Property tax bills in Highwood are based on the assessed value of a home, not its market price alone. Local tax rates are applied to that assessment to determine the amount owed, and the final bill can also reflect exemptions and other local factors. Because the assessed value is tied to the home’s value, homeowners with more valuable properties generally face higher tax bills.
What factors affect the tax bill?
In Highwood, the median home price is $363,453, and the median property tax bill is $8,757, which is well above the national median property tax bill of $2,400 and the national median property tax rate of 1.02%. The 25th percentile tax bill is $6,590, while the 75th percentile is $12,458 and the 90th percentile reaches $17,507. These differences show how property characteristics and assessed values can create wide variation in what homeowners pay.
Median Highwood Tax Bill
$8,757
Median Lake County Tax Bill
$8,402
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Highwood, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60040 | $4,066 | $6,590 | $8,757 | $12,458 | $17,507 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Lake Tax Assessor | |
| Website | tax.lakecountyil.gov |