Tower Lakes, Lake County, Illinois Property Taxes
Property Taxes in Tower Lakes, Illinois
Median Tower Lakes, Illinois effective property tax rate: 2.42%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.
Median Tower Lakes, Illinois home value: $507,282
Median annual Tower Lakes, Illinois tax bill: $12,086, $9,686 higher than the national median property tax bill of $2,400.
How are property taxes in Lake calculated?
Property taxes in Tower Lakes, 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 Tower Lakes's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Tower Lakes, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Tower Lakes, Lake County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.42%
Estimate Property Tax Bill
$12,276
$11,392
How Does the Tower Lakes Property Tax Calculator Work?
Use this Tower Lakes property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Tower Lakes' median effective tax rate of 2.42% — based on actual property records in Lake County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment system uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Tower Lakes' 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 Tower Lakes: rates range from 2.42% in 60010 to 2.42% in 60010, 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 Tower Lakes.
About Tower Lakes Property Taxes
About Property Taxes in Tower Lakes, Lake, Illinois
Tower Lakes’s median effective property tax rate of 2.42% 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 (SSAs) that vary by subdivision throughout the city.
Property tax rates are not uniform across Tower Lakes. Homeowners in the 60010 ZIP code carry a median effective rate of 2.42%, while those in the same ZIP also pay 2.42%. This reflects how school district boundaries and local assessment districts are drawn across Lake County. Understanding where you live in Tower Lakes can make a meaningful difference to your annual tax bill.
Tower Lakes homeowners who believe their assessed value is too high can file a formal appeal with the local 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 Tower Lakes, 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 Tower Lakes'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 Tower Lakes Tax Rate
2.42%
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 Tower Lakes, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.23% | 2.31% | 2.42% | 2.43% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Tower Lakes, Lake County, Illinois
When examining property taxes in Tower Lakes, 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 Tower Lakes is $507,282, and the median tax bill is $12,086, well above the national median property tax bill of $2,400.
Property Tax Assessment Values Across Tower Lakes, Lake County, Illinois
Source: Ownwell
$153,792
$627,201
$1,100,609
Median Tower Lakes Market Value
$507,282
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 Tower Lakes, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $311,518 | $410,702 | $507,282 | $612,169 | $726,084 |
Source: Ownwell
Property Tax Bills Across Tower Lakes, Lake County, Illinois
Property tax bills in Tower Lakes are calculated by applying the local tax rate to a home’s assessed value, which is based on the market value of the property. That means the tax bill depends on both how much the home is worth and how local taxing authorities set their rates. For homeowners, this creates a direct link between rising property values and higher tax bills, even if nothing changes about the home itself.
With a median home price of $507,282, Tower Lakes homeowners face property tax bills that are 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 $9,583, while the 75th percentile reaches $14,484, and the 90th percentile climbs to $17,610. The median tax bill in the area is $12,086 in ZIP code 60010, showing how costly property taxes can be for local homeowners.
Median Tower Lakes Tax Bill
$12,086
Median Lake County Tax Bill
$8,402
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Tower Lakes, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $7,416 | $9,583 | $12,086 | $14,484 | $17,610 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Lake Tax Assessor | |
| Website | tax.lakecountyil.gov |