Chicago, Illinois Property Taxes
The median property tax rate in Chicago, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Chicago, the typical annual property tax bill reaches $103, exceeding the national median of $2,690. Property taxes in Chicago are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chicago's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Chicago or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chicago, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$113
$110
Ownwell’s Chicago Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chicago with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chicago to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Chicago, Illinois
Property taxes in Chicago, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chicago is 2.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Chicago set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chicago estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Chicago's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60646 zip code has the highest median property tax rate of 2.59%, while the 60630 zip code has the lowest median tax rate of 1.80%. Understanding how these areas compare with Chicago provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chicago Tax Rate
2.39%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chicago, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60601 | 1.44% | 1.78% | 1.96% | 2.01% | 2.09% |
| 60630 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
| 60638 | N/A | N/A | N/A | N/A | N/A |
| 60646 | 2.59% | 2.59% | 2.59% | 2.59% | 2.59% |
| 60659 | 2.19% | 2.19% | 2.19% | 2.19% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Chicago, Illinois
In Chicago, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the DuPage County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Chicago, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest median tax bill in Chicago is in the 60601 zip code at $4,628, while the lowest is in the 60659 zip code at $103. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chicago Assessed Value
$4,710
Average Dupage County Assessed Value
$319,350
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chicago, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60601 | $169,365 | $195,622 | $224,415 | $530,835 | $1,056,822 |
| 60630 | $5,760 | $5,760 | $5,760 | $5,760 | $5,760 |
| 60638 | N/A | N/A | N/A | N/A | N/A |
| 60646 | $2,760 | $2,760 | $2,760 | $2,760 | $4,590 |
| 60659 | $4,710 | $4,710 | $4,710 | $4,710 | $4,710 |
Source: Ownwell
Property Tax Bills Across Chicago, Illinois
In Chicago, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements made to the property. Homeowners in Chicago's DuPage County experience a wide range of property tax bills. For instance, the tax bill at the 25th percentile is $72, while the 75th percentile reaches $3,265. The highest median tax bill in the area is $4,628 in the 60601 zip code, significantly higher than the national median property tax rate of 0.99%. Conversely, the lowest median tax bill is found in the 60659 zip code, at just $103. These variations highlight the significant impact that assessed property values and local tax rates have on homeowners, influencing their annual financial obligations and potentially affecting their long-term financial planning.
Average Chicago Tax Bill
$103
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chicago, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60601 | $3,323 | $3,838 | $4,628 | $8,137 | $13,546 |
| 60630 | $104 | $104 | $104 | $104 | $104 |
| 60638 | N/A | N/A | N/A | N/A | N/A |
| 60646 | $72 | $72 | $72 | $72 | $119 |
| 60659 | $103 | $103 | $103 | $103 | $103 |
Source: Ownwell