Bannockburn, Illinois Property Taxes
The median property tax rate in Bannockburn, IL is 2.34%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bannockburn at $938,827, the typical annual property tax bill reaches $21,560, significantly exceeding the national median of $2,690. Property taxes in Bannockburn are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bannockburn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bannockburn or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bannockburn, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$21,969
$21,467
Ownwell’s Bannockburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bannockburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bannockburn to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bannockburn, Illinois
Property taxes in Bannockburn, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bannockburn is 2.34%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bannockburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bannockburn estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Bannockburn's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60015 has both the highest and lowest median property tax rate of 2.34%. Understanding how these areas compare with Bannockburn provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bannockburn Tax Rate
2.34%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bannockburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | 2.23% | 2.28% | 2.34% | 2.40% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Bannockburn, Illinois
In Bannockburn, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Lake County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Bannockburn, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Bannockburn is $938,827, and the tax bills can vary significantly. For example, the 25th percentile tax bill is $14,695, while the 75th percentile tax bill is $30,024. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bannockburn Assessed Value
$938,827
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bannockburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $468,916 | $656,445 | $938,827 | $1,298,572 | $1,723,945 |
Source: Ownwell
Property Tax Bills Across Bannockburn, Illinois
In Bannockburn, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home. This assessed value is typically a percentage of the property's market value. Homeowners in Bannockburn experience a range of tax bills, with the 25th percentile at $14,695 and the 75th percentile at $30,024. The 90th percentile tax bill can reach up to $40,539, reflecting the higher-end properties in the area. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. The local tax rate in Bannockburn is notably higher than the national median property tax rate of 0.99%, which significantly impacts homeowners. For instance, with a median home price of $938,827, even a small percentage increase in the tax rate can result in substantial tax bills. This higher tax burden can affect homeowners by increasing the overall cost of homeownership, potentially influencing decisions on property investments and long-term residency in the area.
Average Bannockburn Tax Bill
$21,560
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bannockburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $10,984 | $14,695 | $21,560 | $30,024 | $40,539 |
Source: Ownwell