CHICAGO (Dec. 17, 2015) – Chicago area homeowners have always known they pay high property taxes, but a new report issued today by the nonpartisan Illinois Policy Institute illustrates just how steep residents’ property tax bills really are. In Lake County, homeowners pay 9.3 percent of their household income to property taxes while McHenry County homeowners have the second highest property tax burden, at 7.9 percent of household income.

The report, “Growing out of control: Property taxes put increasing burden on Illinois taxpayers,” takes a look at how much homeowners pay in property taxes as a percentage of household income. The report found that all across the state, property tax bills are climbing at a rate many times faster than household income growth. But in the Chicago areas in particular, property taxes are climbing at a steep rate.

“Governments in Illinois are spending and taxing at record levels, far outpacing the rate of growth in income of the taxpayers who fund government,” said Ted Dabrowski, vice president of policy at the Illinois Policy Institute. “For a lot of homeowners in the suburbs, property tax bills have become like a second mortgage. Many homeowners have found themselves in a situation in which they will pay more in property taxes over their lifetime than they ever paid for their home. There’s been a lot of talk recently about a property tax freeze, but it’s time for lawmakers to enact one.”

Highlights from the report:

• Homeowners in Lake County have the steepest property tax bills in the entire state of Illinois. Lake County homeowners pay 9.3 percent of their household income to property taxes, and have an average annual property tax bill of $7,240.

• McHenry County homeowners face the second highest tax burden, with an average property tax bill of $5,991. McHenry County homeowners pay 7.9 percent of their household income to property taxes. Meanwhile, Kane County residents pay an average property tax bill of $5,289 and pay 7.6 percent of their household income to property taxes. DuPage County residents face the fourth highest tax burden, while Kendall County residents face the fifth highest burden.

• Even in communities that are not regarded as well-off, tax burdens are steep. In the city of Waukegan, in Lake County, the average property tax bill is $2,970 – about 6.4 percent of household income. Meanwhile, median household income in Waukegan is $46,211.

Across the state of Illinois, property tax collections are at an all-time high. Property taxes are the single-highest tax burden faced by residents – more than income or sales taxes. Since 1990, property taxes in Illinois have grown 3.3 times faster than median household income, the report found.

The Institute’s report is available online here: https://www.illinoispolicy.org/reports/growing-out-of-control-property-taxes-put-increasing-burden-on-illinois-taxpayers