How are property tax rates determined in Illinois?

Property tax rates in Illinois are set by each taxing district (municipality, school district, park district, library, etc.) based on their annual levy (the amount of tax revenue they need). The rate is calculated by dividing the levy by the total assessed value of all property in the district.

What is the composite tax rate?

The composite tax rate is the sum of all overlapping taxing district rates that apply to a specific property. A typical property may be taxed by several overlapping districts. The composite rate determines your total tax bill when multiplied by your property's assessed value.

Why do tax rates vary within the same town?

Properties within the same municipality can have different composite rates because overlapping districts (school, park, fire, library) have different boundaries. A home in one school district may have a different rate than a home two blocks away in a different school district.

Third Lake, IL Property Tax Rate 2026 — Full Breakdown by District

CSAChicago-Naperville MSAChicago-Naperville-Elgin#42/303 Income

Showing latest tax year with year-over-year changes. Full rate history available with a paid plan. View plans →

Property Tax — Tax Year 2024 (payable 2025)i

IL DOR

Composite Ratei

7.71%–9.50%-5.7%YoY

Varies by school district

Municipal Portioni

0.1166%-10.6%YoY1.4% of total

Effective Ratei

2.57%–3.17%

Est. Annual Taxi

$9K–$11K

Median Home Valuei

$361,500

Total Leviedi

$610.9M

Tax Per Capitai

$57

Municipal Revenuei

$74K7% of total rev

Rate varies by school district. Your actual rate depends on which school district your property falls in.

Rate Trend — click a year to explorei

20232024

Municipal

Other Districts

Where Your Tax Dollar Goesi

$0.54 E 46 (Lake)

$0.48 E 50 (Lake)

$0.40 E 41 (Lake)

$0.39 H 127

$0.32 H 121

$0.09 Lake Co

$0.03 Jc 532

$0.02 Lake Co Fst Prsv Dist

$0.01 Avon Twp

$0.01 Third Lake

Estimated Tax by Home Valuei

$250K

$6,422–$7,915

$300K

$7,706–$9,498

$350K

$8,991–$11,081

$400K

$10,275–$12,664

$450K

$11,559–$14,247

$500K

$12,844–$15,831

$550K

$14,128–$17,414

Highlighted value is closest to median home value ($362K)

10 Overlapping Taxing Districtsi

E 46 (Lake)Elementaryi

53.7%4.6171%

$42.9M levied

E 50 (Lake)Elementaryi

48.5%4.1733%

$86.7M levied

E 41 (Lake)Elementaryi

40%3.4406%

$25.6M levied

H 127High Schooli

39.3%3.3848%

$48.8M levied

H 121High Schooli

32.2%2.7693%

$76.2M levied

Lake Coi

9.4%0.8129%

$185.7M levied

Jc 532Community Collegei

3.3%0.2802%

$89.1M levied

Lake Co Fst Prsv Disti

1.9%0.1616%

$53.9M levied

Avon Twpi

1.5%0.1250%

$2.0M levied

Third Lakei

1.4%0.1166%

$65K levied