Illinois Property Taxes

Property taxes are one of the most important sources of revenue for local government taxing districts in Illinois. They are used to pay for services such as fire departments, forest preserves, and schools. They also help fund other local services and special projects. The state’s Constitution and law limit the growth of property taxes relative to inflation or 5%, whichever is less. However, it is important to note that property taxes are only a portion of the total funding needed by local governments.

Illinois has a reputation for hefty property taxes. The statewide average effective rate, at 2.07%, is more than double the national average. Typically, homeowners pay nearly $4,800 a year, though rates can vary depending on location. These taxes fund essential local services like schools, libraries, and county governments.

How Are Illinois Property Taxes Calculated?

Illinois property taxes are based on a combination of factors, including the assessed value of your home and local tax rates. They are used to fund local government services, schools, and roads. Illinois has some of the highest property tax rates in the country, with the average homeowner paying 2.08 percent of their home’s assessed value. However, homeowners can use an online calculator to calculate their property taxes and find out how much they should pay.

Several ways to reduce your property tax bill include claiming homestead exemptions and appealing your assessment. If you believe your property’s assessed value is too high, you can file an appeal with the county assessor’s office. This process can take up to a year, but the result may be a lower property tax bill for the following year.

The state’s property tax system is complicated, and predicting how much your property taxes will change each year is difficult. Generally, increases in property tax revenue are limited by a law that prevents them from growing faster than inflation or 5%.

Illinois Property Tax Exemption

Illinois Property tax exemptions are discounts that can reduce the amount of property taxes you owe in a year. Illinois offers several different property tax exemptions, but each has its own rules and requirements. Some require renewal each year, while others are automatically renewed. Some require you to meet a certain age or residency requirement. Other property tax exemptions are available to veterans and those who rebuild homes after a natural disaster. You can find more information about these exemptions by contacting your chief county assessment officer or visiting the Illinois Department of Aging website.

Illinois Property Tax Due Dates

In Cook County, property tax bills are usually mailed in March and August. The first installment is typically due in early March and is 55 percent of the previous year’s total taxes. The second installment is generally prepared and mailed in late summer and reflects new tax rates, levies, changes in assessments, and dollars saved by exemptions.

In other counties, property tax bills are mailed twice a year. The first installment is typically due in March, and the second is due in August. Property tax payments can be made online or at a local bank. Credit card and electronic check transactions incur a processing/convenience fee. If you have moved, you should notify the treasurer of your change of address to avoid receiving notices of delinquency and to prevent the county from placing a lien on your property.

Each county strives to achieve a uniform level of assessment by using recognized appraisal techniques and reassessing properties on a regular basis. In addition, the State of Illinois equalizes assessments among counties. If you disagree with your assessed value, you may file a tax objection complaint with the county collector.