Illinois

What You Need to Know About Property Taxes in Illinois

Illinois does not levy a state property tax.
Property taxes are assessed and collected locally by counties, townships, municipalities, school districts, and special-purpose districts.

Illinois consistently ranks among the highest property tax states in the U.S.
The average effective tax rate is about 2.0% – 2.3%, more than double the national average.
Most of the revenue funds public schools, municipal services, and local government operations.

Property taxes = (Equalized Assessed Value – Exemptions) × Local Tax Rate.
Equalized Assessed Value (EAV): In most counties, properties are assessed at 33⅓% of fair market value.
The Illinois Department of Revenue applies an equalization factor (multiplier) to ensure uniformity across counties.
Local tax rates are set each year by taxing districts.

General Homestead Exemption: Reduces assessed value by up to $6,000 (varies by county).
Senior Citizens Homestead Exemption: Additional reduction for homeowners 65 and older.
Senior Citizens Assessment Freeze: Freezes the EAV for qualifying low- to moderate-income seniors.
Homestead Improvement Exemption: Up to $25,000 of increased value from home improvements is exempt for four years.
Disabled Persons/Veterans Exemptions: Provide significant additional relief.

January 1: Assessment date – property value is determined.
Spring/Summer: Assessment notices mailed by county assessor.
30–45 days after notice: Deadline to file an assessment appeal with the local Board of Review.
June – July: Property tax bills for the first installment due (dates vary by county).
August – September: Second installment due (in most counties, including Cook).

Note: Specific deadlines vary by county. In Cook County, taxes are paid in two installments (March 1 and August 1, unless adjusted).

Homeowners can appeal their assessed value if they believe it’s too high.
Appeals can be filed with the County Board of Review or the Illinois Property Tax Appeal Board (PTAB).
Grounds for appeal include comparable sales data, unequal assessments, or evidence of errors.
Many homeowners turn to us, Icon,to maximize success.

Property taxes are usually due in two installments.
Late payments incur penalties of 1.5% per month until paid.
Some counties offer installment plans or hardship programs for seniors and low-income taxpayers.

Illinois operates on a delayed billing system: assessments occur one year, and tax bills are issued the following year.
For example, 2024 assessments fund 2025 property tax bills.
Staying engaged each year with assessments and appeals is critical to managing property tax liability.

Search your property to find key assessment details and uncover tax-saving opportunities.