Lakewood, Shelby County, Illinois Property Taxes

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Property Taxes in Lakewood, Illinois

Median Lakewood, Illinois effective property tax rate: 1.82%, significantly lower than the national median of 1.02%, and lower than the Illinois state median of 2.33%.
Median Lakewood, Illinois home value: $107,264
Median annual Lakewood, Illinois tax bill: $1,655, lower than the national median property tax bill of $2,400.

How are property taxes in Shelby calculated?

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

Last Updated April 13, 2026

Lakewood, Shelby County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.82%

Estimate Property Tax Bill

$1,952

$1,812

How Does the Lakewood Property Tax Calculator Work?

Use this Lakewood property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Lakewood's median effective tax rate of 1.82% — based on actual property records in Shelby County — to generate your estimate.

Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies 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 Lakewood: rates range from 1.82% in 62438 to 1.82% in 62438, 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 Lakewood.

About Lakewood Property Taxes

About Property Taxes in Lakewood, Shelby, Illinois

Lakewood's median effective property tax rate of 1.82% is higher than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the Shelby 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 Lakewood. Homeowners in the 62438 ZIP code carry a median effective rate of 1.82%, while those in 62438 pay 1.82%. This spread — 0 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Shelby County. Understanding which part of Lakewood you live in can make a meaningful difference to your annual tax bill.

Lakewood homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the July 11, 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 Lakewood, Shelby 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 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 Lakewood, Shelby County, Illinois

Source: Ownwell

1.59%

2.01%

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 Lakewood Tax Rate

1.82%

Median Effective Shelby County Tax Rate

1.92%

Median Effective Illinois Tax Rate

2.33%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lakewood, Shelby County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62438	1.12%	1.54%	1.82%	1.95%	2.00%

Source: Ownwell

Property Tax Assessment Values Across Lakewood, Shelby County, Illinois

When examining property taxes in 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 Shelby County appraisal district 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 Shelby County, assessment notices are sent in the spring each year. They'll 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. 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 Lakewood.

For example, the median home price in Lakewood is $107,264, with tax bills ranging significantly across the county. ZIP code 62438 has the highest median home price at $107,264.

Property Tax Assessment Values Across Lakewood, Shelby County, Illinois

Source: Ownwell

$92,523

$181,191

$269,859

Median Lakewood Market Value

$107,264

Median Shelby County Market Value

$135,435

Median Illinois Market Value

$227,888

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lakewood, Shelby County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62438	$18,485	$46,357	$107,264	$171,478	$228,459

Source: Ownwell

Property Tax Bills Across Lakewood, Shelby County, Illinois

Lakewood property tax bills are based on the assessed value of a home and the local tax rate set for Shelby County and other taxing authorities. The assessed value is compared with the market value, and that figure is used to calculate how much a homeowner owes each year. For Lakewood homeowners, the median home price is $107,264, which helps show the level at which taxes are being applied.

The typical bill can vary widely depending on the home’s value, exemptions, and the taxing districts that apply. In Lakewood, the 25th percentile tax bill is $661, while the 75th percentile tax bill is $2,865 and the 90th percentile tax bill is $4,156. The median tax bill in ZIP code 62438 is $1,655. These differences mean two similar homes can still have very different tax bills if their assessed values or exemptions differ.

For homeowners, property taxes can have a major impact on annual housing costs and long-term affordability.

Property Tax Bills Across Lakewood, Shelby County, Illinois

Source: Ownwell

$1,426

$3,769

$6,111

Median Lakewood Tax Bill

$1,655

Median Shelby County Tax Bill

$2,407

Median Illinois Tax Bill

$5,277

Median United States Tax Bill

$2,400

Property Tax Bills Across Lakewood, Shelby County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62438	$300	$661	$1,655	$2,865	$4,156

Source: Ownwell

Don't miss the deadline to appeal!

Dates
Appeal Deadline	July 11

Links
Shelby Tax Assessor
Website	shelby-il.bhamaps.com

Frequently Asked Property Tax Questions in Lakewood, Illinois

How are property taxes calculated in Lakewood, Illinois?

Property taxes in Lakewood, Illinois are calculated by multiplying your property's assessed value by the applicable tax rate set by local taxing authorities. The assessed value is determined by the county assessor and may differ from your property's market value depending on local assessment ratios and exemptions.

How do I appeal my property taxes in Lakewood, Illinois?

To appeal your property taxes in Lakewood, Illinois, you typically need to file a formal protest or appeal with your local appraisal district or assessor's office by the stated deadline. You'll need evidence such as comparable sales, a recent independent appraisal, or documentation of property condition issues. Ownwell can handle this entire process for you.

What property tax exemptions are available in Lakewood, Illinois?

Common property tax exemptions in Lakewood, Illinois include homestead exemptions for primary residences, senior citizen exemptions, veteran exemptions, and disability exemptions. Exemption amounts and eligibility requirements vary by county. Contact your local appraisal district or check Ownwell for details specific to your property.

When are property taxes due in Lakewood, Illinois?

Property tax deadlines in Lakewood, Illinois vary by county but typically include an assessment notice period in spring or early summer, followed by an appeal deadline, and a tax payment due date in the fall or winter. Check with your county assessor's office for specific dates in your area.

How can Ownwell help reduce my property taxes in Lakewood, Illinois?

Ownwell provides professional property tax appeal services in Lakewood, Illinois. Our team analyzes your assessment, gathers evidence, files all paperwork, and represents you at hearings — all with no upfront cost. You only pay a percentage of your savings if we successfully lower your tax bill.