Overview of Illinois Taxes
The state of Illinois has the second-highest property taxes in the country. The statewide average effective tax rate is 2.07%, more than double the national average.
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To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
Illinois Property Tax
The state of Illinois has the second-highest property taxes in the country. The statewide average effective tax rate is 2.07%, nearly double the national average. The typical homeowner in Illinois pays $4,800 annually in property taxes. In some areas, this figure can be upwards of $6,000 per year.
Part of the reason for the high property taxes in Illinois is that there are over 8,000 different taxing authorities. Property taxes in Illinois support city governments, county governments and school districts, along with a vast number of other local services and projects. Among the types of taxing districts that may appear on your property tax bill in Illinois are fire protection districts, sanitary districts, park districts and even mosquito abatement districts.
If you’re considering buying a property in Illinois, the thought of high property taxes may be a bit overwhelming. To help make the homebuying process a bit easier, take a look at our Illinois mortgage rates guide. This has important details about getting a mortgage in the Prairie State, including information specific to each county.
A financial advisor can help you understand how homeownership fits into your overall financial goals. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
How Property Taxes in Illinois Work
Property tax assessments and collections in Illinois run on a roughly two-year cycle. In year one, local assessing officials appraise real estate to determine a market value for each home in their area. The assessed value of property in most of Illinois is equal to 33.33% (one-third) of the market value of the residential property, though it may be different in certain counties.
After local officials calculate the assessed values of properties, county boards review these values to determine if they are correct. These county boards may equalize assessed values. If they find, for example, that the property in a certain district was appraised at half of its actual value, they will apply an equalization factor of 2, doubling the assessed value of everything in the district.
Property owners also have the opportunity to protest their assessed value before the county board. If a homeowner is not satisfied with the county board’s decision, they can appeal to the State Property Tax Appeal Board or even the circuit court.
The state of Illinois also equalizes values between counties by issuing an equalization factor for each county. This ensures that assessed property values in all counties are comparable.
Property Tax Exemptions in Illinois
There are a number of exemptions that can reduce assessed value (and therefore property tax payments) in Illinois. The most significant is the General Homestead Exemption, which is available to homeowners living in their principal residence. The General Homestead Exemption is equal to a $10,000 reduction in assessed value in Cook County and $6,000 in all other counties.
Another important exemption is the Senior Citizens Homestead Exemption. This exemption is available to homeowners who are 65 years or older and can be applied to their primary residence only. It's equal to a $5,000 reduction in assessed value, except for Cook County where the reduction is $8,000.
Illinois Property Tax Rates
Specific tax rates in Illinois are determined based on the total tax base, or the total value of property with a district. In the second year of the property tax cycle each taxing authority determines its levy based on the tax base and the revenue it needs. Thus, rates change each year depending on property values and revenue needs (which are typically subject to voter approval).
Usually, however, changes in rates are minor. Increases in total taxes are limited by the Property Tax Extension Limitation Law (PTELL). This law limits property tax growth that results from rising property values. In this situation revenues (and therefore tax bills) cannot grow faster than the rate of inflation (change in the Consumer Price Index) or 5%, whichever is lower.
Despite that limitation, property taxes in Illinois are quite high. The table below shows average effective property tax rates for every Illinois County.
Looking to calculate your potential monthly mortgage payment? Check out our mortgage calculator.
Cook County
Cook County is the largest county in Illinois and home to more than 40% of the state’s residents. Property tax rates in Cook County are actually higher than the state mark, with an average rate of 2.19% in the county compared to 2.07% for the state.
While Cook County’s assessment level of 10% for residential property is lower than the level in the rest of the state (33.33%), this difference is more or less wiped out by the state equalization factor, which was 2.916 for the year 2019. That means assessed values as initially calculated are multiplied by 2.916 to reach the assessed values to which taxes are applied.
Some taxpayers in Chicago actually pay rates slightly lower than those in the surrounding cities. About 20% of the revenue generated by county property taxes goes to the Chicago Board of Education. About 10.5% of the tax revenue goes to the city itself and roughly 5% goes to the county. The average Chicago homeowner ranges from around $2,400 to just under $6,000 annually in property taxes, depending on where in the city you live.
If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Chicago can help you out.
DuPage County
A typical homeowner in DuPage County pays $7,221 each year in property taxes. That is one of the highest in the state, but it is reflective of high home values in the county. The median home in DuPage County is worth $315,600, highest of any Illinois county. In fact, rates in DuPage County are about average for the state, with an average effective rate of 2.29%.
Lake County
If you are looking for low property taxes in Illinois, Lake County may not be the best choice. The county, which sits to the north of Chicago, has an average effective property tax rate of over 2.95%. This is also one of the highest rates in the state. However, in absolute terms, Lake County homeowners pay more than anyone else in the state. The average homeowner in Lake County pays $8,014 in property taxes annually.
Will County
Will County sits to the south of DuPage and Cook counties and is home to one of the largest cities in the state, Joliet. Property taxes in Will County are well above both the state and national averages. The average effective property tax rate in the county is 2.71%, more than double the national average. That means that if you own a $200,000 home in Will County, you can expect to pay around $5,420 a year in property taxes.
Kane County
Kane County has some of the highest property taxes in Illinois. The typical Kane County homeowner pays $6,777 annually in property taxes. While that's almost $2,000 more than the state average, it's also less than neighboring DuPage County, where the average payment is more than $7,221 annually.
McHenry County
McHenry County has a well above-average effective property tax rate compared to the statewide average, as it currently sits at 2.70%. Since the median home value is $234,000, that means the typical homeowner in McHenry County pays $6,329 in property taxes each year.
Winnebago County
With a population of just under 300,000, Winnebago County is one of the largest counties in Illinois. It is located in the north-central part of the state and contains the state’s third largest city, Rockford. At 2.88%, the county’s average effective property tax rate is highest in the state.
St. Clair County
St. Clair County levies taxes on real estate to support the county government, as well as cities and schools. The average homeowner in St. Clair County pays $3,296 in property taxes annually.
Madison County
Across the Mississippi river from St. Louis, Missouri, Madison County has lower property taxes than many of Illinois’s other highly populated counties. The average effective property tax rate in Madison County is 2.05%.
Champaign County
Champaign County contains the sister cities of Champaign and Urbana, as well as the campus of the University of Illinois at Champaign-Urbana. The typical homeowner in the county pays $3,920 annually in property taxes.
Property Tax: Which Counties are Getting the Best Bang for Their Buck
SmartAsset’s interactive map highlights the places across the country where property tax dollars are being spent most effectively. Zoom between states and the national map to see the counties getting the biggest bang for their property tax buck.
Methodology
Our study aims to find the places in the United States where people are getting the most for their property tax dollars. To do this we looked at school rankings, crime rates and property taxes for every county.
As a way to measure the quality of schools, we calculated the average math and reading/language arts proficiencies for all the school districts in the country. Within each state, these schools were then ranked between 1 and 10 (with 10 being the best) based on those average scores.
For each county, we calculated the violent and property crimes per 100,000 residents.
Using the school and crime numbers, we calculated a community score. This is the ratio of the school rank to the combined crime rate per 100,000 residents.
We used the number of households, median home value and average property tax rate to calculate a per capita property tax collected for each county.
Finally, we calculated a tax value by creating a ratio of the community score to the per capita property tax paid. This shows us the counties in the country where people are getting the most bang for their buck, or where their property tax dollars are going the furthest.
Sources: US Census Bureau 2015 American Community Survey, Department of Education, Federal Bureau of Investigation, State Police or Justice Department websites
