Buffalo Grove, Illinois Property Taxes
The median property tax rate in Buffalo Grove, IL is 3.14%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Buffalo Grove at $366,581, the typical annual property tax bill reaches $11,525, significantly exceeding the national median of $2,690. Property taxes in Buffalo Grove 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 Buffalo Grove'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 Buffalo Grove or another part of Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$11,511
$11,248
Ownwell’s Buffalo Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Grove 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 Buffalo Grove, Illinois
Property taxes in Buffalo Grove, Illinois, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Grove is 3.14%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Buffalo Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo Grove 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 Buffalo Grove's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60089 zip code has the highest median property tax rate of 3.14%, while the same zip code also represents the lowest median tax rate of 3.14%. Understanding how these figures compare with Buffalo Grove 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 Buffalo Grove Tax Rate
3.14%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60089 | 2.89% | 3.02% | 3.14% | 3.27% | 3.32% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Grove, Illinois
In Buffalo Grove, 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 Buffalo Grove, 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 Buffalo Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In the 60089 zip code, the median tax bill is $11,525, reflecting the local real estate market and tax policies.
Property Tax Assessment Values Across Buffalo Grove, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Buffalo Grove Assessed Value
$366,581
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 Buffalo Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60089 | $209,314 | $267,182 | $366,581 | $450,994 | $561,231 |
Source: Ownwell
Property Tax Bills Across Buffalo Grove, Illinois
In Buffalo Grove, located in Lake County, 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 typically a percentage of the property's market value. For example, with a median home price of $366,581, the assessed value would be a fraction of this amount, subject to local assessment ratios. The tax bill is then derived by multiplying the assessed value by the local tax rate. In Buffalo Grove, the tax rates can result in significant tax bills, with the 25th percentile tax bill at $8,370 and the 75th percentile reaching $14,158. Homeowners in the 90th percentile may see bills as high as $17,655. These property taxes fund essential services such as schools, public safety, and infrastructure. Consequently, while higher tax bills may be burdensome for some homeowners, they directly contribute to the quality of life and community services in Buffalo Grove. Compared to the national median property tax rate of 0.99%, homeowners in this area experience higher-than-average property tax obligations.
Average Buffalo Grove Tax Bill
$11,525
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60089 | $6,142 | $8,370 | $11,525 | $14,158 | $17,655 |
Source: Ownwell