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Illinois has an effective property tax rate of 2.07%, producing an average annual bill of $5,765. The US national average is 1.07% — Illinois's rate is one of the two highest in the US, placing it at rank #49 out of 50 states (rank 1 = lowest).
Illinois has a complex, county-level assessment system. Cook County (Chicago) assesses residential properties at 10% of market value, then applies a state equalizer (currently ~3x) to bring the equalized assessed value (EAV) to 33% of market. Other counties assess directly at 33% of market.
The Homeowner Exemption reduces EAV by $10,000 in Cook County ($6,000 elsewhere). The Senior Citizen Homestead Exemption provides an additional $8,000 reduction in EAV. The Senior Citizen Assessment Freeze freezes the EAV for qualifying seniors, preventing tax increases.
The General Homestead Exemption provides modest protection, but there is no comprehensive statewide cap on assessment increases. Illinois's high property taxes reflect significant public pension obligations.
Illinois has been under fiscal pressure for decades due to unfunded pension liabilities, placing an outsized burden on property taxes. The tax burden is particularly heavy in Chicago suburbs like DuPage, Lake, and Will counties.
The median home value in Illinois is $250,000. Chicago and suburbs have seen moderate appreciation — less than coastal markets, partly dampened by property tax concerns deterring buyers. Suburban markets like Naperville remain strong. At the 2.07% effective rate, a homeowner at the median value pays roughly $5,765/year in property taxes.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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