Buffalo Grove, Lake County, Illinois Property Taxes

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

Median Buffalo Grove, IL effective property tax rate: 3.14%, 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: $366,581
Median annual Buffalo Grove, IL tax bill: $11,525, $9,125 higher than the national median property tax bill of $2,400.

How are property taxes in Lake 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, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.14%

Estimate Property Tax Bill

$11,511

$10,682

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 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 Buffalo Grove, Lake County, Illinois

Local government entities set tax rates, which can vary widely within a state. 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. In Buffalo Grove, located in Lake County, IL, the effective property tax rate is 3.14%, which is significantly higher than the national median property tax rate of 1.02%. This rate is also the highest and lowest within the zip code 60089, indicating uniformity in assessed property tax rates within this area. Homeowners in Buffalo Grove face a property tax bill that is considerably higher than the national median of $2400, making it essential for property owners to stay informed and consider appealing their property taxes to ensure they are not overpaying. With property taxes being a substantial part of homeownership costs, understanding these rates can help homeowners manage their expenses more effectively.

Property Tax Rates Across Buffalo Grove, 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 Buffalo Grove Tax Rate

3.14%

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 Buffalo Grove, Lake County, 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, Lake 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 Lake County Assessor 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 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 Buffalo Grove. For example, the median home price in Buffalo Grove is $366,581, with tax bills ranging significantly across the county. Zip code 60089 has the highest median home price at $366,581.

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

Source: Ownwell

$107,374

$523,101

$938,827

Median Buffalo Grove Market Value

$366,581

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 Buffalo Grove, Lake County, 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, Lake County, Illinois

In Buffalo Grove, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The property tax rate in this region is notably higher than the national median of 1.02%, leading to substantial tax bills for homeowners. For instance, the median property tax bill in Buffalo Grove is $11,525, significantly exceeding the national median of $2,400. Factors such as local government budgets and school district funding needs influence the tax rate, impacting the overall tax bill. Homeowners often find these high property taxes burdensome, especially when property values rise.

Ownwell assists homeowners by providing property tax appeal services, potentially lowering assessed values and, consequently, tax bills. By leveraging expertise in local tax laws and conducting thorough analyses, Ownwell helps identify opportunities for tax reductions, ensuring homeowners pay only their fair share. This service can be particularly beneficial in high-tax areas like Buffalo Grove, where even a small reduction can lead to significant savings.

Property Tax Bills Across Buffalo Grove, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Buffalo Grove Tax Bill

$11,525

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Buffalo Grove, Lake County, 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