This exemption is available to homeowners who are 65 years or older and can be applied to their primary residence only. The General Homestead Exemption is equal to a $10,000 reduction in assessed value in Cook County and $6,000 in all other counties.Īnother important exemption is the Senior Citizens Homestead Exemption. The most significant is the General Homestead Exemption, which is available to homeowners living in their principal residence. There are a number of exemptions that can reduce assessed value (and therefore property tax payments) in Illinois. This ensures that assessed property values in all counties are comparable. The state of Illinois also equalizes values between counties by issuing an equalization factor for each county. If a homeowner is not satisfied with the county board’s decision, they can appeal to the State Property Tax Appeal Board or even the circuit court. Property owners also have the opportunity to protest their assessed value before the county board. If they find, for example, that the property in a certain district was appraised at half of its actual value, they will apply an equalization factor of 2, doubling the assessed value of everything in the district. These county boards may equalize assessed values. The assessed value of property in most of Illinois is equal to 33.33% (one-third) of the market value of the residential property, though it may be different in certain counties.Īfter local officials calculate the assessed values of properties, county boards review these values to determine if they are correct. In year one, local assessing officials appraise real estate to determine a market value for each home in their area. Property tax assessments and collections in Illinois run on a roughly two-year cycle. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. This has important details about getting a mortgage in the Prairie State, including information specific to each county.Ī financial advisor can help you understand how homeownership fits into your overall financial goals. To help make the homebuying process a bit easier, take a look at our Illinois mortgage rates guide. If you’re considering buying a property in Illinois, the thought of high property taxes may be a bit overwhelming. Among the types of taxing districts that may appear on your property tax bill in Illinois are fire protection districts, sanitary districts, park districts and even mosquito abatement districts. Property taxes in Illinois support city governments, county governments and school districts, along with a vast number of other local services and projects. Part of the reason for the high property taxes in Illinois is that there are over 8,000 different taxing authorities. In some areas, this figure can be upwards of $6,000 per year. The typical homeowner in Illinois pays $4,800 annually in property taxes. The statewide average effective tax rate is 2.07%, nearly double the national average. The state of Illinois has the second-highest property taxes in the country. Illinois Property Tax Photo credit: ©/On-Track
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