Property taxes can feel confusing, especially if you are buying or selling in Lake Forest for the first time. You want to understand what happens when, who to contact, and how the process could affect your budget or closing. This guide breaks down the Lake County timeline in clear steps so you can plan with confidence, avoid missed deadlines, and spot opportunities to save. Let’s dive in.
Who handles your property tax
Several local offices work together to set, adjust, and collect property taxes in Lake Forest (within Lake County):
- Lake County Assessor’s Office: Prepares assessments, mails assessment change notices, manages exemptions, and handles informal reviews.
- Lake County Board of Review: Accepts and hears formal assessment appeals during a set filing window.
- Lake County Treasurer: Calculates, mails, and collects property tax bills; posts payment options and due dates.
- Local taxing districts: School districts, the City of Lake Forest, park districts, and other entities set annual levies that influence your final tax rate.
- Township assessor offices: In some townships, you can review your property record card and ask local questions.
The annual timeline at a glance
Exact dates change each year. Always confirm current-year deadlines with the County. Here is the typical sequence:
- January (assessment date): Your assessment is based on the property’s value and physical condition as of January 1 for that assessment year.
- Late winter to early spring (assessment notices): The Assessor issues assessment change notices or posts updates. Review them as soon as they arrive.
- Spring (reviews and appeals): You may start with an informal review through the Assessor. The Board of Review opens a limited filing window for formal appeals.
- Late spring to summer (hearings and decisions): The Board of Review conducts hearings and issues decisions that may adjust your assessed value.
- Summer to fall (levies and equalization): Local taxing bodies set their levies. Equalization factors are applied to assessments to produce Equalized Assessed Value (EAV).
- Late winter (tax bills prepared and mailed): The Treasurer calculates and mails bills with amounts due and payment options.
- Payment due dates: The Treasurer publishes the official payment schedule each year. Verify whether bills are paid in installments or as a single payment.
How assessments, EAV, and tax rates work
Understanding the pieces helps you see what you can and cannot influence:
- Assessed value: Set by the Assessor for your property as of January 1 of the assessment year. This reflects property characteristics and market data.
- Equalized Assessed Value (EAV): Assessment totals are adjusted through an equalization process to ensure uniformity across the county and state. The EAV is used to calculate your tax bill.
- Tax rate and levies: Local taxing districts submit levies. The Treasurer uses levies and the county’s EAV to determine tax rates and calculate the final bill.
You cannot control the levies or equalization, but you can review your assessment for accuracy and confirm that eligible exemptions are applied.
What to check when your notice arrives
Assessment notices can come by mail or via an online posting. Review yours right away and look for:
- Property details: Square footage, bedroom and bathroom counts, lot size, finished basement, additions, and garage data.
- Assessment amount: Compare to recent sales of similar homes near you, especially those close to the January 1 valuation date.
- Exemptions: Confirm that any homeowner, senior, or other eligible exemptions appear. Missing exemptions can increase your bill.
If something looks off, contact the Assessor for an informal review. Keep your notice and any supporting documents handy.
Exemptions to confirm
Illinois offers several exemptions that can reduce your tax burden when properly applied:
- Homeowner exemption (for your primary residence)
- Senior and disabled exemptions
- Assessment freeze programs (income and eligibility rules apply)
Exemptions often require an application and may need to be renewed or updated. Because rules and windows can change, confirm current eligibility and filing steps with the Assessor.
How to file an appeal
A simple two-stage approach keeps you organized and on time.
Start with an informal review
- Contact the Assessor’s Office to discuss your property record card and any errors.
- Provide photos, measurements, and documentation for quick corrections.
- Confirm exemption status or missing entries.
File a formal appeal if needed
- The Lake County Board of Review opens a filing window each year. File within that period only.
- Gather evidence: assessment notice, property record card, comparable sales near the valuation date, photos, and any repair or cost documentation.
- After you file, the Board will schedule a hearing or decide on written evidence. Attend in person if possible and bring paper copies.
Tips for a stronger case
- Use relevant comps: Pick recent, nearby sales similar in size, condition, and features. Focus on closings near January 1.
- Fix clerical errors first: These are usually the fastest to correct.
- Keep it concise: A short, direct comparison beats a long market summary.
If your appeal is not successful, further review options may exist under Illinois law. Consult counsel for next steps.
Tax bills and payments
The Treasurer prepares and mails property tax bills after levies and equalization are finalized. Bills include the amount due, due dates, and available payment options. Some Illinois counties collect in multiple installments, while others may use a single payment schedule. For Lake County, confirm the current-year payment structure, due dates, and any installment or online payment options directly with the Treasurer.
If you pay through a mortgage escrow, your lender typically pays the bill from your escrow account. Still, review each bill for accuracy and keep your records updated.
Buyers and sellers: timing and closing
Property tax timelines affect how you negotiate and plan cash flow at closing.
For sellers
- Tax proration: Most contracts prorate taxes between buyer and seller using the last billed amount or an agreed method. Confirm the formula with your attorney and agent.
- Appeals during a sale: Appeals generally apply to the tax year under appeal and may affect later bills. If you have an active appeal, coordinate with your closing timeline and disclose the status.
- Upcoming payments: Check whether a tax installment or full payment will come due near closing and how the escrow or title company will handle it.
For buyers
- Due diligence: Request the last 2 to 3 years of tax bills and the assessment history. Confirm exemptions, recent reassessments, and any pending appeals.
- Budget and escrow: Lenders may adjust escrow based on assessed value or levy changes. Use current assessments and recent levies to estimate future taxes.
- Valuation date matters: The January 1 assessment date ties value to a specific point in time. Ownership on that date and exemption status can influence how the year is handled.
Year-round homeowner checklist
- January: Confirm your home’s condition as of January 1 (improvements, additions, and repairs) for accurate assessment context.
- When your notice arrives: Review the assessment amount, property details, and exemptions right away.
- If concerned: Request an informal review quickly; prepare comparable sales and file a formal appeal within the Board of Review’s window if needed.
- Before closing a sale: Collect 2 to 3 years of tax bills, verify exemptions and any appeal history, and confirm how prorations will be calculated.
- For buyers: Pull recent tax bills and the assessor record card, ask about current appeals or exemptions, and verify the payment schedule and upcoming due dates.
Where to verify details
Because deadlines and procedures can change each year, verify current information with the following offices:
- Lake County Assessor’s Office (assessments, exemptions, property search)
- Lake County Board of Review (appeal forms, filing dates, hearings)
- Lake County Treasurer (tax bills, payment options, due dates, delinquency info)
- Your township assessor’s office (local property record questions)
Ready to plan with confidence?
Property taxes in Lake Forest follow a clear rhythm once you know the steps. By reviewing your assessment on time, confirming exemptions, and appealing when warranted, you can manage your tax burden and avoid surprises at closing. If you are buying or selling, align your plan with the county calendar so prorations, escrows, and any appeals are handled smoothly.
If you want local guidance tailored to your timeline, reach out to Sondra Douglass for a focused strategy and a clear next step.
FAQs
When are Lake County assessment notices mailed?
- Notices typically arrive in late winter to early spring. Check the Assessor’s current-year schedule.
What is the deadline to file an assessment appeal in Lake County?
- The Board of Review publishes a limited filing window each year. File early once the window opens.
How long does it take for an appeal decision to affect my tax bill?
- Board of Review decisions apply to the tax year under appeal and may impact the next bill cycle after levies and equalization are set.
Can I appeal after buying a home in Lake Forest?
- The owner of record at the time of filing can appeal. Coordinate with your attorney and agent to manage timing and responsibility.
Where can I see my current bill and payment options?
- The Lake County Treasurer posts current tax bill amounts, due dates, and payment methods each year.
What is Equalized Assessed Value (EAV) and why does it matter?
- EAV is your assessed value after equalization factors are applied. The Treasurer uses EAV with taxing district levies to calculate your bill.
