Chicago, IL variant. This is a Chicago, IL-specific version of the Property Tax Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Property Tax Calculator.
Chicago property tax runs about 2.1% of value - roughly $6,720/year on the $320,000 median home.
Property tax in Chicago
Tax = assessed value × local rate. The 2.1% effective rate captures Chicago's blend of county, city, and school levies.
On the $320,000 median home that's $6,720/year ($560/month), usually escrowed with your mortgage.
About Chicago, IL
Chicago does not levy a city income tax, so residents pay Illinois state income tax but no separate municipal wage tax.
Chicago offers relatively affordable home prices for a major US city, though Illinois carries some of the highest property tax rates in the nation.
Chicago's diverse economy spans finance, manufacturing, transportation, and professional services as the largest hub in the Midwest.
Worked example: $320,000 home
$320,000 × 2.1% = $6,720/year. A $600,000 Chicago home would owe about $12,600.
Quick reference
- Median home value: $320,000
- Median rent: $2,150/mo
- Median household income: $71,673
- Local sales tax: 10.25%
- Effective property tax rate: 2.1%
- Cost of living index: 107 (US avg = 100)
Frequently Asked Questions
What is the property tax rate in Chicago?
About 2.1% of market value per year.
How much property tax on a median Chicago home?
Roughly $6,720 per year.