Riverwoods, Lake County, Illinois Property Taxes
Property Taxes in Riverwoods, Illinois
Median Riverwoods, Illinois effective property tax rate: 2.55%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.
Median Riverwoods, Illinois home value: $706,450
Median annual Riverwoods, Illinois tax bill: $17,869, $15,469 higher than the national median property tax bill of $2,400.
How are property taxes in Lake calculated?
Property taxes in Riverwoods, 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 Riverwoods's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Riverwoods, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Riverwoods, Lake County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.55%
Estimate Property Tax Bill
$18,014
$16,717
How Does the Riverwoods Property Tax Calculator Work?
Use this Riverwoods property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Riverwoods' median effective tax rate of 2.55% — 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 Riverwoods' median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Riverwoods: rates range from 2.55% in 60015 to 2.55% in 60015, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Riverwoods.
About Riverwoods Property Taxes
About Property Taxes in Riverwoods, Lake, Illinois
Riverwoods’s median effective property tax rate of 2.55% 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 can vary by subdivision throughout the village.
Property tax rates are not uniform across Riverwoods. Homeowners in the 60015 ZIP code carry a median effective rate of 2.55%, while those in the same ZIP code also pay 2.55%. This reflects how school district boundaries and local assessment districts are drawn across Lake County. Understanding your location in Riverwoods can make a meaningful difference to your annual tax bill.
Riverwoods 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 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 Riverwoods, 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 Riverwoods'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 Riverwoods Tax Rate
2.55%
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 Riverwoods, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | 2.20% | 2.47% | 2.55% | 2.66% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Riverwoods, Lake County, Illinois
When examining property taxes in Riverwoods, 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 assessment 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 are sent in the spring each year and typically reach your mailbox by the middle of the month. 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.
For example, the median home price in Riverwoods is $706,450, with tax bills centered at $17,869. That bill is well above the national median property tax bill of $2,400, reflecting the area’s higher property values.
Property Tax Assessment Values Across Riverwoods, Lake County, Illinois
Source: Ownwell
$153,792
$627,201
$1,100,609
Median Riverwoods Market Value
$706,450
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 Riverwoods, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $480,338 | $604,141 | $706,450 | $895,380 | $1,113,930 |
Source: Ownwell
Property Tax Bills Across Riverwoods, Lake County, Illinois
Property tax bills in Riverwoods are based on the assessed value of a home and the local tax rate set by taxing authorities in Lake County. The assessed value is used to calculate how much tax a homeowner owes, so a higher assessed value generally leads to a larger bill. Local budgets for schools, municipal services, and other public needs also influence the final amount.
For a home with a median price of $706,450, the property tax burden can be substantial. The 25th percentile tax bill is $14,935, while the 75th percentile tax bill is $22,690 and the 90th percentile tax bill is $29,066. The median tax bill in the area is $17,869, which is far above the national median property tax bill of $2,400 and well above the national median property tax rate of 1.02%.
For homeowners, this means property taxes can be one of the largest ongoing housing costs, making it important to understand how the bill is calculated and whether the assessed value accurately reflects the market.
Median Riverwoods Tax Bill
$17,869
Median Lake County Tax Bill
$8,402
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Riverwoods, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $11,801 | $14,935 | $17,869 | $22,690 | $29,066 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Lake Tax Assessor | |
| Website | tax.lakecountyil.gov |