Owners of Lake Forest and Lake Bluff golf courses and large open-space parcels face higher property assessments starting in 2027, after Lake County's new chief assessor signaled he will revalue land that has been assessed at roughly $4,000 per acre for a decade.

Nathan Herbst, who took over as chief county assessor on Tuesday, July 15, told the Chicago Tribune that revaluing open-space parcels during next year's quadrennial reassessment will produce an "inevitable increase in land property values." Herbst served as chair of the Lake County Board of Review since 2022 and comes from a real estate and financial services background.

"Everyone else has experienced mega inflation since 2016; a lot of these property owners have just been sitting pretty at a very, very low favorable treatment," Herbst said. "There's not any dirt in Lake County that is close to $4,000 an acre when you look at what you can buy in today's market."

Who it affects locally

Under Lake County's open-space valuation program, any parcel of more than 10 acres used for open-space purposes, including golf courses, can qualify for a preferential assessed value. Lake Forest is home to several large private clubs whose parcels exceed that threshold, though their individual enrollment in the open-space program could not be independently confirmed. Knollwood Club sits on 240 acres, and Conway Farms Golf Club occupies 209 acres. Lake Bluff Golf Club, a public course at 355 W. Washington Ave., and Deerpath Golf Course in Lake Forest also operate on sizable tracts.

At the current $4,000-per-acre rate, a 240-acre parcel like Knollwood's would carry an assessed value of roughly $960,000. Herbst did not specify a target per-acre figure, and comparable land-sale data for open-space parcels was not available. But the gap between $4,000 and current market values for any acreage in Lake County is substantial, Herbst indicated.

The numbers

In Illinois, property is assessed at one-third of estimated market value. The chief county assessor's office applies the open-space preferential rate. Lake County's next full quadrennial reassessment is scheduled for 2027, according to property tax records.

Schools receive about 69% of the average Lake County property tax bill, according to LFC Partners, a Lake Forest-based property tax consultancy. That means any assessment increase on large parcels would flow disproportionately to local school districts.

Herbst acknowledged the assessor's office does not set tax rates, only assessed values.

What's next

Herbst replaced Bob Glueckert, who retired after seven years. He identified two major projects ahead: revaluing the Zion Nuclear Power Plant site and the open-space parcels countywide.

The 2027 quadrennial reassessment will be the vehicle for the open-space revaluation. Property owners who disagree with new assessments can appeal through the Board of Review. No specific timeline within 2027 has been announced for Lake Forest or Lake Bluff townships.