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Buffalo Grove, Cook County, Illinois Property Taxes

  • Median Buffalo Grove, IL effective property tax rate: 2.43%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.

  • Median Buffalo Grove, IL home value: $244,520

  • Median annual Buffalo Grove, IL tax bill: $5,692, $3,292 higher than the national median property tax bill of $2,400.

How are property taxes in Cook County calculated?

Property taxes in Buffalo Grove, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Buffalo Grove’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Buffalo Grove, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Buffalo Grove, Cook County, Illinois Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.43%

Estimate Property Tax Bill

$5,942

$5,514

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Buffalo Grove Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Buffalo Grove with just two data points. By entering your property's estimated assessed value, our calculator applies Buffalo Grove’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Cook County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Buffalo Grove, Cook County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Buffalo Grove in Cook County, IL, stands out with its effective property tax rate. Compared to the national median property tax rate of 1.02%, Buffalo Grove's rate is significantly higher, reflecting the local government's budgetary needs and property values. The median property tax rate in Illinois is also notably higher than the national average. This can lead to higher property tax bills for homeowners in Buffalo Grove, with the median property tax bill surpassing the national median of $2,400.

Understanding these rates is crucial for homeowners seeking to manage their expenses. By comparing Buffalo Grove's effective property tax rate to other cities in Illinois and the median property tax rates in the state and the U.S., residents can gain insights into their tax obligations and potential savings through appeals and exemptions.

Property Tax Rates Across Buffalo Grove, Cook County, Illinois

Source: Ownwell

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1.47%

4.93%

8.39%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Buffalo Grove Tax Rate

2.43%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Cook County Tax Rate

2.01%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Buffalo Grove, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
600891.28%2.01%2.43%2.82%3.10%

Source: Ownwell

Property Tax Assessment Values Across Buffalo Grove, Cook County, Illinois

When examining property taxes in Buffalo Grove, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cook County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Cook County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Buffalo Grove.

For example, the median home price in Buffalo Grove is $244,520, with tax bills ranging significantly across the county. Zip code 60089 has the highest median home price at $244,520.

Property Tax Assessment Values Across Buffalo Grove, Cook County, Illinois

Source: Ownwell

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$25,480

$637,740

$1,250,000

Median Buffalo Grove Market Value

$244,520

Median Cook County Market Value

$210,000

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Buffalo Grove, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60089$97,530$143,540$244,520$310,000$360,718

Source: Ownwell

Property Tax Bills Across Buffalo Grove, Cook County, Illinois

In Buffalo Grove, located in Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the tax bill. The median home price in Buffalo Grove stands at $244,520, with property tax bills ranging significantly. The 25th percentile tax bill is $2,926, while the 75th percentile reaches $8,061, and the 90th percentile can go as high as $9,695. This variation can significantly impact homeowners, especially when compared to the national median property tax bill of $2,400. With Cook County's median tax bill at $5,692, local homeowners often find themselves paying more than the national average. Ownwell can assist homeowners in reducing their property tax bills by providing expert guidance on appeals and exemptions, ensuring they only pay what is fair and potentially saving them thousands of dollars annually.

Property Tax Bills Across Buffalo Grove, Cook County, Illinois

Source: Ownwell

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$569

$15,332

$30,094

Median Buffalo Grove Tax Bill

$5,692

Median Cook County Tax Bill

$4,680

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Buffalo Grove, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60089$1,613$2,926$5,692$8,061$9,695

Source: Ownwell

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