Illinois' high property taxes hurt the economy, particularly in communities already struggling. When government overtaxes, residents and businesses flee – leaving those remaining with a bigger tax bill.
Illinois companies announced 1,666 mass layoffs in February, with more than 4-in-5 impacting workers in Cook County. Schaumburg alone accounted for one-third of job losses.
The statewide Illinois job market outpaced the national average. But 13 of 15 metro areas continued to have higher unemployment rates than the U.S. average.
Illinois’ job market outpaced the national average during August. But 13 of Illinois’ 15 metropolitan areas continued to have higher unemployment rates than the national average.
Illinoisans paid the second-highest property tax rate in the U.S. in 2022, with the median Illinois homeowner spending more than taxpayers in Alabama, West Virginia, Arkansas, Louisiana and South Carolina combined. See how your county compares.