Illinois (IL) property tax rate: 2.08% | Median home: $285,000 | Median annual tax: $5,928
Illinois is a large Midwest market anchored by Chicago. The average effective property tax rate in Illinois is 2.08%, which is above the national average of 1.1%.
On the median Illinois home valued at $285,000, annual property taxes come to approximately $5,928 or $494/month. This is a significant part of your total housing cost and should be factored into any home purchase budget.
Pro tip: Illinois has the second-highest property taxes in the US — factor this into your budget.
Combined with Illinois's state income tax rate of 4.95%, homeowners should consider the total tax picture. Property taxes in Illinois are a major expense — budget carefully.
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Illinois has an average effective property tax rate of 2.08%. On the median home value of $285,000, that equals approximately $5,928 per year or $494 per month.
Property taxes in Illinois are calculated by multiplying your home assessed value by the local tax rate. The assessed value may differ from market value depending on your county assessment ratio. Exemptions like homestead exemptions can reduce your taxable value.
Illinois has the second-highest property taxes in the US — factor this into your budget.
Illinois property taxes are above the national average of 1.1%. Budget carefully for this significant expense when buying a home here.
Property tax due dates vary by county in Illinois. Most counties offer semi-annual payments. Check with your county tax assessor office for specific due dates. Late payments typically incur penalties of 1-2% per month.