Illinois has the nation’s 2nd-highest property taxes

December 20, 2013
By Brian Costin

Illinois’ property tax rates have skyrocketed since 2010.

The average property tax rate as a percent of home value has soared from 1.93 percent in 2010 to 2.28 percent in 2012. This represents an 18 percent property tax rate increase in just two years. This rate spike is due to declining home values and local taxing bodies increasing property tax levies.

Illinois’ property tax rate is second only to the rate New Jersey residents pay, which is 2.32 percent annually.

A tax rate of 2.28 percent is equivalent to paying $6,840 in annual property taxes on a $300,000 home. According to the Tax Policy Center, the average Illinoisan had an annual property tax bill of $4,469 in 2012.

Property taxes

TAGS: property taxes, taxes