Property Taxes in Illinois
Illinois's effective property tax rate is 1.83%, ranking #50 out of 50 states (1 = lowest). The median annual property tax paid is $4,942.
Illinois has the second-highest effective property tax rate in the nation, with rates exceeding 2% of home value in many suburbs and reaching 3-4% in some south suburban communities. This means a $300,000 home can carry $7,000-12,000 in annual property taxes — a cost that dwarfs many other states' total tax burdens. The state has no meaningful homestead exemption that reduces the rate, though a small $6,000 reduction in assessed value provides modest relief. Cook County's notoriously opaque assessment system has been the subject of reform efforts, and buyers should verify assessed values are accurate before purchasing.
By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: Tax Foundation, U.S. Census
Tax Rate
1.83%
Median Annual Tax
$4,942
National Rank
#50 of 50
1 = lowest
Homestead Exemption
Yes
Annual Property Tax by Home Price
| Home Price | Annual Tax | Monthly |
|---|---|---|
| $200,000 | $3,660 | $305 |
| $300,000 | $5,490 | $458 |
| $400,000 | $7,320 | $610 |
| $500,000 | $9,150 | $763 |
| $750,000 | $13,725 | $1,144 |
* Based on the average effective rate of 1.83%. Actual rates vary by county and municipality.
Homestead Exemption in Illinois
Up to $15,000
File for the homestead exemption after purchasing your primary residence in Illinois to reduce your assessed property value, lowering your annual tax bill. Contact your county assessor's office for the application.
How Illinois Compares
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