Lake Bluff, Lake County, Illinois Property Taxes

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

Median Lake Bluff, IL effective property tax rate: 2.26%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median Lake Bluff, IL home value: $468,566. Median annual Lake Bluff, IL tax bill: $10,401, which is $8,001 higher than the national median property tax bill of $2,400. How are property taxes in Lake calculated? Property taxes in Lake Bluff, 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 Lake Bluff’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake Bluff, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lake Bluff, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.26%

Estimate Property Tax Bill

$10,590

$9,827

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

Property Tax Rates Across Lake Bluff, Lake County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because each county annually 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 Lake Bluff, located in Lake County, Illinois, the effective property tax rate stands out when compared to other cities in Illinois. The city's median property tax rate is significantly higher than the national median of 1.02%. This means residents in Lake Bluff may experience higher property tax bills compared to many other parts of the country. However, it's essential to consider the quality of services and community benefits that come with these taxes. By understanding how these rates are determined, property owners can better appreciate the value they receive in return for their contributions.

Property Tax Rates Across Lake Bluff, 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 Lake Bluff Tax Rate

2.26%

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 Lake Bluff, Lake County, 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, Lake County, Illinois

When examining property taxes in Lake Bluff, 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: 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 Lake Bluff. For example, the median home price in Lake Bluff is $468,566, with tax bills ranging significantly across the county. Zip code 60044 has the highest median home price at $468,566.

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

Source: Ownwell

$107,374

$523,101

$938,827

Median Lake Bluff Market Value

$468,566

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 Lake Bluff, Lake County, 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, Lake County, Illinois

In LAKE BLUFF, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. Local taxing authorities then apply the tax rate to this assessed value. With a median home price of $468,566, homeowners in LAKE BLUFF can expect significant tax bills. The median property tax bill in this area is notably higher than the national median of $2,400. The 25th percentile tax bill is $7,580, while those in the 75th percentile pay $15,303. For homeowners in the 90th percentile, the tax bill can reach up to $23,204. These figures highlight the substantial financial burden property taxes can impose on homeowners. Ownwell offers valuable assistance by identifying potential errors in property assessments and ensuring homeowners receive all eligible exemptions. This can lead to significant savings, reducing the financial strain of high property taxes. By leveraging Ownwell's expertise, homeowners can navigate the complexities of property tax appeals and secure a fair tax bill.

Property Tax Bills Across Lake Bluff, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Lake Bluff Tax Bill

$10,401

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake Bluff, Lake County, 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