Lake Bluff, Illinois Property Taxes
The median property tax rate in Lake Bluff, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lake Bluff at $468,566, the typical annual property tax bill reaches $10,401, exceeding the national median of $2,690. Property taxes in Lake Bluff 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 Lake Bluff'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 Lake Bluff 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
Lake Bluff, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$10,590
$10,348
Ownwell’s Lake Bluff Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Bluff with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Bluff 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 Lake Bluff, Illinois
Property taxes in Lake Bluff, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Bluff is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lake Bluff set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Bluff 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 Lake Bluff's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60044 zip code has the highest median property tax rate of 2.26%, while the same zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with Lake Bluff 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 Lake Bluff Tax Rate
2.26%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Bluff, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60044 | 2.06% | 2.17% | 2.26% | 2.32% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Lake Bluff, Illinois
In Lake Bluff, 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 Lake Bluff, 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. 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 in Lake Bluff helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lake Bluff is $468,566, with property tax bills ranging from $7,580 at the 25th percentile to $23,204 at the 90th percentile. The zip code 60044 has both the highest and lowest median tax bill, standing at $10,401.
Average Lake Bluff Assessed Value
$468,566
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 Lake Bluff, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60044 | $204,696 | $312,091 | $468,566 | $680,000 | $1,017,473 |
Source: Ownwell
Property Tax Bills Across Lake Bluff, Illinois
In Lake Bluff, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Several factors influence the assessed value, including the property's location, size, and condition. Once the assessed value is determined, the property tax rate, set by local taxing authorities, is applied to calculate the tax bill. Homeowners in Lake Bluff face a significant tax burden, with the median home price at $468,566. The tax bill for homeowners at the 25th percentile is $7,580, while those at the 75th percentile pay around $15,303. At the 90th percentile, the tax bill can reach up to $23,204. This variation highlights the impact of property values and tax rates on individual tax bills. With the national median property tax rate at 0.99%, homeowners in Lake Bluff experience higher tax rates, reflecting the region's property values and local funding needs.
Average Lake Bluff Tax Bill
$10,401
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Bluff, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60044 | $4,825 | $7,580 | $10,401 | $15,303 | $23,204 |
Source: Ownwell