Carillon Lakes — True Cost of Ownership
Crest Hill, Will County, Illinois · Based on $340,000 purchase price
Annual Cost Breakdown
| Cost Category | Monthly | Annual | Notes |
|---|---|---|---|
| HOA Fee | $225 | $2,700 | Common areas, pool, fitness, gated entry, landscaping |
| Property Tax (Will Co. ~2.3%) | $651 | $7,820 | On $340K home; before senior exemptions |
| Homeowners Insurance | $175 | $2,100 | Estimated; varies by age of home and coverage |
| Utilities (water, electric, gas) | $260 | $3,120 | Midwest heating adds to winter months |
| Maintenance Reserve | $150 | $1,800 | Mid-2000s construction; HVAC, roof cycle approaching |
| Total Estimated Annual Cost | $1,461 | $17,540 | Before IL income tax savings, after-exemption tax |
Senior Exemption Impact
A Carillon Lakes homeowner who qualifies for the Illinois Senior Citizens Assessment Freeze (65+, household income under $65,000) can freeze their assessed value — preventing tax increases on the assessment side while rates still fluctuate. The General Homestead Exemption reduces EAV by approximately $6,000 in Will County, saving roughly $138/year at a 2.3% effective rate. Combined, these programs can reduce the annual tax bill by $300–$600 depending on individual circumstances. Both require annual re-filing with the Will County Assessor.
Will County Tax Mechanics
Will County uses the standard Illinois assessment method: properties are assessed at 33.33% of market value, creating an Assessed Value (AV). The AV is then equalized by the state to produce the Equalized Assessed Value (EAV), which is the figure the tax rate is applied to. At a $340,000 market value, the AV is approximately $113,333, producing a tax bill of roughly $7,820 at a 2.3% effective rate.
Effective rates in Crest Hill vary by township and school district overlays. The 2.3% figure above is a mid-range estimate — some Crest Hill parcels run closer to 2.1%, others 2.5%. Pull the actual PIN history for any specific home before closing.
Illinois Income Tax Advantage
Illinois exempts 100% of retirement income from state income tax — Social Security, pensions, IRA and 401(k) distributions. A household drawing $75,000/year in retirement income saves $3,713/year in state income tax compared to living in a state that fully taxes that income at Illinois's 4.95% flat rate. This partially offsets the higher property tax burden, depending on income level and home price.
For buyers comparing Illinois to Arizona: Arizona taxes IRA and pension income at 2.5%. A household drawing $75,000/year in taxable retirement income would owe $1,875 in Arizona state income tax — and $0 in Illinois. Arizona property taxes on a comparable home typically run $1,500–$3,500/year, versus $7,820 here. For buyers moving to an equivalently-priced Arizona home, the net result can favor Arizona. For buyers downsizing significantly in Arizona, Illinois can win. The math is highly individual.
10-Year Cost Projection
| Year | HOA (3% annual increase) | Property Tax (1.5% increase) | All-In Annual Cost |
|---|---|---|---|
| Year 1 | $2,700 | $7,820 | $17,540 |
| Year 2 | $2,781 | $7,937 | $17,730 |
| Year 3 | $2,864 | $8,056 | $17,922 |
| Year 4 | $2,950 | $8,177 | $18,119 |
| Year 5 | $3,039 | $8,300 | $18,319 |
| Year 7 | $3,226 | $8,553 | $18,734 |
| Year 10 | $3,527 | $8,963 | $19,380 |
Projection assumes 3% HOA increase and 1.5% property tax increase annually. Insurance and maintenance inflated at 2.5%. Income tax advantage not reflected — add back $3,000–$4,500/year depending on retirement income level.
Get the Full Cost Comparison
Our agents can pull actual tax records for specific Carillon Lakes homes and walk through the Will County senior exemption filing process.
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