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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