Updated · Property tax data: Census ACS 2024 5-year estimates · Transfer tax verified April 2026 · Methodology · Editorial policy
Lake County's 2.58% median tax-to-value ratio ranks 9th highest among the 3,134 US counties tracked, placing it in the top 5% highest nationally. Within Illinois's 102 counties, it's the 1st highest. On the county's median home value of $345,700, the typical homeowner pays $8,923 annually in property tax, $7,294 more than the national median of $1,629. At closing, Illinois's 0.15% combined real estate transfer tax adds roughly $519 on a median-priced home, typically paid by the seller. About 10.9% of the county lies within a FEMA flood hazard zone, worth checking msc.fema.gov for any specific address before buying.
Enter any purchase price to see the full cost breakdown for Lake County.
The two rows above, added together: everything due at closing plus your first twelve months of ownership.
Moderate flood risk. Some neighborhoods require flood insurance. Check your property at msc.fema.gov.
All figures are estimates for planning purposes only. Mortgage payment assumes a 30-year fixed rate of 7.28%, the Freddie Mac PMMS average for the week ending October 1, 2026. Your lender will confirm the actual rate. Closing costs vary by lender and transaction. Consult a licensed real estate attorney and lender before making any financial decisions.
Ways buyers in Lake County may reduce their annual property tax. These programs apply statewide; verify county specifics with your local assessor.
Reduces EAV by up to $10,000 in Cook County, $8,000 in collar counties, or $6,000 elsewhere for owner-occupied primary residences.
View official source →$5,000 reduction in EAV for homeowners age 65+ who own and occupy their home and are liable for property tax.
View official source →Freezes the EAV at the base year value for qualifying seniors 65+. Maximum income limit raised to $75,000 for assessment year 2026 (payable 2027) per SB 642 (Dec 2025).
View official source →Graduated by VA disability rating: $2,500 EAV reduction (30-49%), $5,000 (50-69%), full exemption for 70%+ service-connected disability. Total exemption also available for specific adapted-housing cases.
View official source →Last verified April 2026. Exemption amounts and eligibility change frequently. Always confirm with your county assessor before claiming.
Answers to common questions about buying a home in Lake County.
There is no single property tax rate for Lake County. The 2.58% figure commonly quoted is a county-wide median: the median annual property tax paid ($8,923) divided by the median home value ($345,700), from 2024 US Census ACS 5-year estimates. It is a statistic describing the county, not a rate levied on any particular property. Your own bill depends on your assessed value, the millage set by your overlapping taxing districts, any homestead or senior exemptions you qualify for, and special assessments. One thing to watch: the median reflects taxes actually paid by current owners, many of whom hold homestead exemptions and assessment caps, so a new buyer paying today's market price often pays more than 2.58% of the purchase price.
Illinois's combined real estate transfer tax is approximately 0.15% of the purchase price. On the median Lake County home value of $345,700, this adds roughly $519 at closing. State $0.50/$500 (0.1%) + county $0.25/$500 (0.05%), both seller. Chicago adds a city tax of $5.25/$500 total, $3.75/$500 (0.75%) buyer-paid CTA portion + $1.50/$500 (0.3%) seller-paid portion. Other home-rule municipalities (Evanston, Oak Park, Naperville, Aurora) set their own rates.
Only in parts. About 10.9% of Lake County's land area is within a FEMA Special Flood Hazard Area. Most homes are outside these zones, but worth verifying the specific address at msc.fema.gov.
On Lake County's median home value of $345,700 with 20% down, buyer closing costs work out to roughly $5,597–$9,674, or 1.6–2.8% of the purchase price. That covers title insurance $800–$2,000; loan origination fee $1,383–$2,766; home appraisal $400–$700; home inspection $350–$600; recording fees $100–$300; prepaid mortgage interest $827; homeowners insurance (2 months) $250; property tax escrow (2-3 months) $1,487–$2,231. Transfer tax is listed separately. These are national ranges for each line item rather than Lake County quotes, so treat them as a planning range and use the calculator above for your own purchase price.
Every county-specific figure on this page links to the exact public dataset it comes from. Verify the numbers yourself against the original source.
Source for the $8,923/yr median taxes paid (ACS 2024 5-year estimates, variable B25103_001E).
Source for the $345,700 median home value (variable B25077_001E). The 2.58% effective rate is median taxes paid divided by median home value.
Source for the transfer tax used in the calculator (buyer 0.00%, seller 0.15%). Verified April 2026.
Source for the county's flood hazard exposure (coastal and inland flood exposure area as a share of county area).
The national dataset behind the county report, including its technical documentation and release notes.
Look up a specific property's flood zone and insurance rate map before making an offer on a home in Lake County.
Closing cost line items are national ranges, not county data. The methodology lists each range's source and the calculator's assumptions (mortgage rate, insurance, PMI).
Illinois property tax exemptions: official sources
Verified April 2026.
What every buyer should read before making an offer.
An HOA capped rentals at 10 of 50 homes and grandfathered the existing landlords. How to find rental restrictions before closing, and what they cost you.
Read the guide →A buyer closed on a house and only then found out about ongoing HOA lawsuits. Six checks you can run yourself before your contingencies expire.
Read the guide →HOA special assessment not on the disclosure? One buyer got a $15,000 bill the day after closing. How to catch it before, and what to do after.
Read the guide →