The tax rate varies depending on the township in which your home is located, so the township tax assessor is your best source for specific tax information. Your Lakewood sales office can provide you with the name and phone number of your local assessor.

Remember that property taxes are paid in arrears, meaning the tax you pay this year is actually for last year. So when you buy a new home, your first bill is based only on the value of the value of the vacant land from the prior year, before your home was built. Since Illinois law allows lenders to collect funds equal only to last year's tax bill, plus 10%, at the time of closing, your lender will be collecting considerably less than your taxes will be when your home is fully assessed. The upside: this helps you to qualify for a higher mortgage amount, since the lender assumes that by the time your tax bill comes due-sometimes as long as 1-1/2 years after closing-you will be better able to afford the actual tax rate.

Lakewood communities are located in areas with good schools, parks and city services, so residents are getting a lot for the tax dollars they pay. More good news: property taxes are fully deductible from your federal income tax!