How to calculate annual property taxes?

Asked by Alex Tsun, Lincolnshire, IL Tue Jun 26, 2012

I want to know what the annual taxes would be on a 3600sq ft house in Lake Forest and a 1600 sq ft house in Lincolnshire / Vernon Hills area.

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John Walin, Agent, Libertyville, IL
Tue Jun 26, 2012
This isn't a hard question. Take 1/3 of the assessed value and multiply times the multiplier for the municipality, incorporated or unincorporated. Lake forest has the best taxes in Lake county, highest avg assesment and lowest tax rate. I dont understand why you are looking at 3600 sqft LF and 1600 in Lincolnshire. Not apples to apples. 3600 sqft in LF is way, way cheaper in taxes than Lincolnshire or Vernon Hills. If you are looking at best deal for $10k in taxes per year lake forest and Lake Bluff get my vote!

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Peter Schif…, , Northbrook, IL
Tue Jun 26, 2012
Alex,
There is no common formula to calculate property taxes based on square footage. I can help you look up certain villages and tell you how much (approximately) the taxes currently are for the properties of your target size and style.
Please feel free to contact me directly.

peter.schifrin@guaranteedrate.com
office 224 330 6924

Best,
Peter Schifrin
VP of Mortgage Lending
Guaranteed Rate, Inc.
Northbrook, IL 60062
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