Village Of Lakewood, Mchenry County, Illinois Property Taxes
Property Taxes in Village Of Lakewood, Illinois
Median Village of Lakewood, Illinois effective property tax rate: 2.52%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.
Median Village of Lakewood, Illinois home value: $512,292
Median annual Village of Lakewood, Illinois tax bill: $12,828, higher than the national median property tax bill of $2,400.
How are property taxes in McHenry calculated?
Property taxes in Village of Lakewood, 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 Village of Lakewood's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Village of Lakewood, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Village Of Lakewood, Mchenry County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.52%
Estimate Property Tax Bill
$12,910
$11,980
How Does the Village Of Lakewood Property Tax Calculator Work?
Use this Village Of Lakewood property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Village Of Lakewood's median effective tax rate of 2.52% — based on actual property records in McHenry County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment process uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Village Of Lakewood's 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 Village Of Lakewood: rates range from 2.52% in 60014 to 2.52% in 60014, 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 Village Of Lakewood.
About Village Of Lakewood Property Taxes
About Property Taxes in Village of Lakewood, McHenry, Illinois
Village of Lakewood’s median effective property tax rate of 2.52% is higher than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the McHenry 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 Village of Lakewood. Homeowners in the 60014 ZIP code carry a median effective rate of 2.52%, and the same ZIP code also reflects the village’s median home price of $512,292 and median tax bill of $12,828. Understanding how local levies are assessed can make a meaningful difference to your annual tax bill.
Village of Lakewood homeowners who believe their assessed value is too high can file a formal appeal with the McHenry 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 Village Of Lakewood, Mchenry 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 Village of Lakewood's effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
Property Tax Rates Across Village Of Lakewood, Mchenry County, Illinois
Source: Ownwell
1.80%
2.34%
2.88%
Our median effective property tax rate (tax bill Ă· 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 Village Of Lakewood Tax Rate
2.52%
Our median effective property tax rate (tax bill Ă· 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 Mchenry County Tax Rate
2.42%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Village Of Lakewood, Mchenry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | 2.31% | 2.42% | 2.52% | 2.56% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Village Of Lakewood, Mchenry County, Illinois
When examining property taxes in Village of Lakewood, 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 McHenry 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:
In McHenry County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of May.
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 Village of Lakewood.
For example, the median home price in Village of Lakewood is $512,292, with tax bills ranging significantly across the county. 60014 has the highest median home price at $512,292.
Property Tax Assessment Values Across Village Of Lakewood, Mchenry County, Illinois
Source: Ownwell
$167,403
$458,643
$749,883
Median Village Of Lakewood Market Value
$512,292
Median Mchenry County Market Value
$297,576
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across Village Of Lakewood, Mchenry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $283,962 | $376,398 | $512,292 | $610,329 | $713,671 |
Source: Ownwell
Property Tax Bills Across Village Of Lakewood, Mchenry County, Illinois
Property tax bills in Village of Lakewood are based on the assessed value of a home and the local tax rates set by taxing authorities. When a property’s market value changes, the assessed value can change too, which affects the final bill. Local governments use that assessed value to calculate how much each homeowner owes for schools, county services, and other public needs.
For Village of Lakewood homeowners, the typical tax burden is substantial. The median home price is $512,292, and the median property tax bill is $12,828 in ZIP code 60014. That is well above the national median property tax bill of $2,400 and the national median property tax rate of 1.02%.
Because property taxes are tied to home value and local levies, homeowners with higher assessed values or fewer exemptions often pay more. Bills can vary widely, with the 25th percentile at $9,149, the 75th percentile at $15,472, and the 90th percentile at $18,178.
Property Tax Bills Across Village Of Lakewood, Mchenry County, Illinois
Source: Ownwell
$3,967
$10,749
$17,531
Median Village Of Lakewood Tax Bill
$12,828
Median Mchenry County Tax Bill
$7,056
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Village Of Lakewood, Mchenry County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $6,631 | $9,149 | $12,828 | $15,472 | $18,178 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| McHenry Tax Assessor | |
| Website | mchenryil.devnetwedge.com |