The next generation of solar observatories aim to understand the magnetism of the solar chromosphere. Therefore, it is crucial to understand the polarimetric signatures of chromospheric spectral lines. For this purpose, we here examine the suitability of the three Fraunhofer Mg I b1, b2, and b4 lines at 5183.6, 5172.7, and 5167.3 Å, respectively. We start by describing a simplified atomic model of only six levels and three line transitions for computing the atomic populations of the 3p-4s (multiplet number 2) levels involved in the Mg I b line transitions assuming non-local thermodynamic conditions and considering only the Zeeman effect using the field-free approximation. We test this simplified atom against more complex ones finding that, although there are differences in the computed profiles, they are small compared with the advantages provided by the simple atom in terms of speed and robustness. After comparing the three Mg I lines, we conclude that the most capable one is the b2 line as b1 forms at similar heights and always shows weaker polarization signals, while b4 is severely blended with photospheric lines. We also compare Mg I b2 with the K I D1 and Ca II 8542 Å lines finding that the former is sensitive to the atmospheric parameters at heights that are in between those covered by the latter two lines. This makes Mg I b2 an excellent candidate for future multiline observations that aim to seamlessly infer the thermal and magnetic properties of different features in the lower solar atmosphere.