Homeowners in Island Lake, McHenry County, pay about 2.50% of their home's value in property tax each year. The median bill is $6,500.
At Island Lake's typical rate of 2.50%. Exemptions lower the real bill.
| Home value | Property tax (estimate) |
|---|---|
| $250,000 | $6,243 |
| $350,000 | $8,740 |
| $450,000 | $11,237 |
| $600,000 | $14,982 |
| $800,000 | $19,976 |
A family with a $262,500 home in Island Lake pays about $6,555 in property tax. With $120,000 of income they also pay about $5,940 in Illinois income tax, so their SALT deduction is $12,495 — under the $40,400 cap. That alone does not beat the $32,200 standard deduction for married couples; mortgage interest and charity decide the rest.
| Town | County | Rate | Median bill |
|---|---|---|---|
| Port Barrington | Lake | 2.23% | $9,085 |
| Oakwood Hills | McHenry | 1.90% | $6,920 |
| Wauconda | Lake | 2.70% | $7,525 |
| Prairie Grove | McHenry | 2.50% | $10,000+ |
| Volo | Lake | 2.83% | $9,583 |
| Lakemoor | McHenry | 2.66% | $7,103 |
Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates. Unofficial estimate, not a tax bill. Updated 2026-10-08.
Homeowners in Island Lake pay a typical effective property tax rate of 2.50% of home value per year. The median annual bill is $6,500 and the median home value is $262,500 (U.S. Census ACS 2020–2024).
About $9,988 per year at Island Lake's typical rate of 2.50%. The homeowner exemption and other exemptions lower the actual bill.
Island Lake's typical rate of 2.50% is higher than the McHenry County average of 2.26%.
Yes, if you itemize. For 2026, property tax plus Illinois income tax count toward the SALT deduction, capped at $40,400 ($20,200 if married filing separately) and reduced above $505,000 of income. Itemizing helps only if your total deductions beat the standard deduction: $32,200 married filing jointly, $16,100 single, $24,150 head of household.
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