Residents Of Lake County Pay Highest Average Property Taxes In Illinois

From The Center Square:

Lake County residents on average paid $7,347 annually in property taxes, the highest such tax levies among all regions of Illinois, according to a new Tax Foundation analysis.

The Tax Foundation study was based on median property taxes paid within counties in 2018, based on five-year estimates. The lowest such taxes were found in locations such as the Aleutians East Borough and the Kusilvak Census Area in Alaska, as well as some parishes in Louisiana and Alabama’s Choctaw County, where property owners pay about $200 annually.

Counties in both New York and New Jersey, meanwhile, were home to people who paid the highest median property taxes, with some areas averaging tax bills of more than $10,000, the study found

Property tax revenues remain a prime source of funds for state and local governments, according to the Tax Foundation. In 2017, these revenues represented 31.9 percent of all state and local funding, the study states.

The higher median property tax bills tend to occur in urban areas, where homes tend to cost more than more rural locations, the Tax Foundation reported.

Source: Tax Foundation

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