Bannockburn, Lake County, Illinois Property Taxes

Name: Property Tax Bills Across Bannockburn, Lake County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Bannockburn, IL effective property tax rate: 2.34%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Bannockburn, IL home value: $938,827
Median annual Bannockburn, IL tax bill: $21,560, $19,160 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Bannockburn, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.34%

Estimate Property Tax Bill

$21,969

$20,386

Ownwell’s Bannockburn Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bannockburn with just two data points. By entering your property's estimated assessed value, our calculator applies Bannockburn’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 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 Lake County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Bannockburn, Lake County, Illinois

Local government entities determine property tax rates, which can vary significantly within Illinois. This variation is due to each county's annual budget estimation process, where they calculate the required funds to provide essential services. By dividing this budget by the total value of all taxable properties within the county, they arrive at the property tax rate. Though votes and regulations play a role in setting these rates and budgets, this is the basic yearly procedure.

In Bannockburn, located in Lake County, the effective property tax rate can be compared to other cities in Illinois as well as the median property tax rates both statewide and nationally. With Illinois having a median property tax rate higher than the national median of 1.02%, property owners in Bannockburn often face higher tax bills compared to other parts of the country. This makes it crucial for property owners to stay informed and consider appealing their property tax assessments to ensure they are not overpaying. Understanding these variations and the factors influencing property tax rates can empower property owners to make informed decisions and potentially reduce their tax burdens.

Property Tax Rates Across Bannockburn, Lake County, Illinois

Source: Ownwell

1.94%

2.99%

4.03%

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 Bannockburn Tax Rate

2.34%

Median Effective Lake County Tax Rate

2.94%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Bannockburn, Lake County, 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, Lake County, Illinois

When examining property taxes in Bannockburn, 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 Lake 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. Assessment notices: In Lake 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 Bannockburn. For example, the median home price in Bannockburn is $938,827, with tax bills ranging significantly across the county. Zip code 60015 has the highest median home price at $938,827.

Property Tax Assessment Values Across Bannockburn, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Bannockburn Market Value

$938,827

Median Lake County Market Value

$260,862

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Bannockburn, Lake County, 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, Lake County, Illinois

In Bannockburn, Lake County, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. With a median home price of $938,827, homeowners in this area often face significant tax bills. The median property tax bill in Bannockburn can be as high as $21,560, which is considerably above the national median of $2,400. Factors such as local tax rates and the assessed value of the property play a crucial role in determining the final bill. This high tax burden can significantly impact homeowners, making it essential to explore ways to reduce costs. Ownwell offers expert property tax appeal services to help homeowners potentially lower their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell can assist in filing appeals to ensure homeowners are not overpaying. This service can lead to substantial savings, providing financial relief and peace of mind to property owners in Bannockburn.

Property Tax Bills Across Bannockburn, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Bannockburn Tax Bill

$21,560

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Bannockburn, Lake County, 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