Illinois— Property Tax & Closing Costs
2024 Census dataEffective tax rate
2.58%
of assessed value annually
Median home value
$345,700
2024 ACS survey
Median taxes paid
$8,923/yr
2024 data
Lake County's 2.58% effective property tax rate 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.
Calculate your true cost
Enter any purchase price to see the full cost breakdown for Lake County.
County median: $345,700
Leave at $0 if the property has no homeowners association.
LTV: 80.00%
At closing
Monthly ongoing
Year one
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 6.8% — 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.
Illinois property tax exemptions
Ways buyers in Lake County may reduce their annual property tax. These programs apply statewide; verify county specifics with your local assessor.
General Homestead Exemption
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 →Senior Citizens Homestead Exemption
$5,000 reduction in EAV for homeowners age 65+ who own and occupy their home and are liable for property tax.
View official source →Senior Freeze (Low-Income Assessment Freeze)
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 →Disabled Veterans Standard Homestead Exemption
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 2026-04. Exemption amounts and eligibility change frequently — always confirm with your county assessor before claiming.
Frequently asked questions
Answers to common questions about buying a home in Lake County.
The effective property tax rate in Lake County is 2.58% — calculated as the median annual property tax paid ($8,923) divided by the median home value ($345,700), using 2024 US Census ACS 5-year estimates. Your actual bill depends on your purchase price, homestead or senior exemptions, and any special assessments applied in your taxing district.
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.
Closing costs for a buyer in Lake County typically run $6,914–$17,285 (2–5% of purchase price) on a median-priced home, including title insurance ($800–$2,000), appraisal ($400–$700), home inspection ($350–$600), recording fees ($100–$300), and loan origination (0.5–1.0% of the loan amount). Use the calculator above for a specific estimate at your purchase price.
Data sources for Lake County
Every figure on this page is traceable. Verify the numbers yourself against the original public data.
Source for the 2.58% effective property tax rate, median home value, and median taxes paid (ACS 5-year, 2024 vintage).
Source for county-level flood zone exposure, wildfire risk, and other natural hazard ratings. Updated quarterly by FEMA.
Look up a specific property's flood zone and insurance rate map before making an offer on a home in Lake County.
Guides for Illinois home buyers
What every buyer should read before making an offer.
HOA Documents
HOA lawsuits — how to check for pending litigation against your future HOA before you close
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 Documents
Undisclosed HOA special assessment — what you can do if you find out after closing
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 →