Illinois variant. This is a Illinois-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.
Illinois's effective property tax rate of 2.08% means the owner of a median $270,000 home pays roughly $5,616 per year - a figure that varies widely by state.
How Illinois property tax is calculated
Property tax = assessed value × local millage rate. The 2.08% effective rate shown here is the statewide average of tax paid relative to market value, which smooths over county-by-county differences.
On the $270,000 Illinois median home, that works out to about $5,616/year or $468/month - often escrowed into your mortgage payment.
About taxes and housing in Illinois
Illinois applies a single flat income tax rate to all earners, as its constitution prohibits a graduated income tax.
Illinois has among the highest effective property tax rates in the nation, which is a major factor in overall housing costs.
Illinois's economy is anchored by Chicago as a center for finance, transportation, and manufacturing, with agriculture dominant downstate.
Worked example: tax on a $270,000 home
$270,000 × 2.08% = $5,616 per year. A $500,000 home in Illinois would owe about $10,400 annually at the same effective rate.
Quick reference
- State income tax: Flat 4.95%
- State sales tax: 6.25% (plus 2.59% avg local)
- Median home value: $270,000
- Median household income: $78,433
- Effective property tax rate: 2.08%
- Avg auto insurance: $1,652/yr
Frequently Asked Questions
What is the property tax rate in Illinois?
Illinois's effective property tax rate averages 2.08% of market value per year.
How much property tax on a $270,000 home in Illinois?
About $5,616 per year at the 2.08% effective rate.