Valuation & Taxation
Determining Assessed Value
The purpose of assessed value is to proportion the tax burden over all taxable property in a fair and equitable manner. The assessed value of a parcel of property is set at 1/3 of its market value. Every year our office determines the market value of each taxable parcel of property in the township. Characteristics of your property (size of lot, type of home, number of bathrooms, garage, swimming pool, etc.) and characteristics of the neighborhood are taken into consideration when determining market value.
In general, we use three approaches to determine market value:
- Cost Approach: Determines how much money it would take at current material and labor costs to replace a property with a similar one.
- Income Approach: The value of the property is determined by its income stream or its net operating income.
- Sales approach: Compares a property to similar properties that have sold recently.
Property Record Card
Once the value of a parcel of property is determined, all the information used to calculate its assessed value is placed on the Property Record Card. These records are available for your inspection in person at our office or online by visiting tax.lakecountyil.gov.
Notice of Assessed Value
The Chief County Assessment Office mails a 'Notice of Assessed Value" to each property owner. Called the "Blue Card," the notice includes:
- The property's location and permanent index number.
- Last year's and this year's assessed value.
- An explanation of how assessed value is determined.
- Information about how to check for accuracy.
- Information about how to appeal the assessment.
For more information about the Assessment Notices and the Appeals process Click Here.
The Assessor's Office is not responsible for the second major component of the tax system: taxation. However, we are including a few facts about taxation and would be happy to discuss this component of the tax system in more detail with you.
Taxing authorities include government bodies such as school districts, park districts, municipalities, library districts and the township. As taxpayers, we demand certain levels of service from these taxing bodies which are paid for through our taxes. If you are concerned about your taxes, you may wish to attend budget hearings, call or write board members, or serve as an elected official.
Taxing authorities set the tax rates and levy taxes. The tax rate is calculated by dividing the amount of taxes to be raised by the total assessed value of property within the taxing authority.
- Tax Spending divided by Total Assessed Value equals the Tax Rate Percentage
Tax bills are issued by the Lake County Treasurer's Office. Taxes may be paid in two installments: the first installment due the first week of June and the second due the first week of September. The Treasurer's office can be contacted at 847-377-2323.
Your tax bill is calculated by multiplying your property's assessed value by the tax rate.
- Assessed Value multiplied by the Tax Rate equals Your Taxes