Chicago, IL Property Tax Calculator
Estimate property tax for a home in Chicago, IL. Homes in Chicago are assessed by Cook County, where the effective property tax rate runs about 1.75% of market value — so a median-priced Chicago home of $340,000 generates roughly $5,950 in annual property tax. Enter your specific home value below for a custom estimate.
Annual Tax
$5,950
1.75% of $340,000
Monthly Tax
$496
Typically escrowed with your mortgage
State Rank
#2 of 51
Highest rate = #1
vs. National Average
Highest property tax states
- New Jersey2.49%
- Illinois2.23%
- New Hampshire2.18%
- Connecticut2.15%
- Vermont1.90%
Lowest property tax states
- Hawaii0.32%
- Alabama0.41%
- Colorado0.55%
- Louisiana0.56%
- District of Columbia0.57%
These are state-level averages. Individual counties and cities can vary significantly — a home in Austin's urban core may have a far higher effective rate than the Texas state average, for example. For the most accurate estimate, get the exact millage rate from your county assessor and override the rate field above.
How to use it
A two-minute guide.
The Home Value field is pre-filled with Chicago's median home value of $340,000. Override with your actual home's market value for a specific estimate — your tax bill scales linearly with home value.
The rate is pre-filled with Cook County's effective rate of 1.75% — the county-level average for owner-occupied homes, which is more precise than Illinois's statewide average of 2.23%. Individual school districts and special taxing zones within Chicago still shift the exact figure — if you know the rate from your latest tax bill, override it for the most precise estimate.
You'll see your estimated annual property tax, the monthly amount (which is typically escrowed with your mortgage payment), and a comparison to other states.
How it works
The math behind the result.
How Chicago's tax bill works out. Homes in Chicago are assessed and billed through Cook County. The effective rate there averages about 1.75% of market value — below Illinois's statewide average of 2.23%. On Chicago's median home value of $340,000, that's approximately $5,950/year, or $496/month when escrowed with your mortgage.
How assessment works in Illinois. In Cook County homes are reassessed every three years (other counties every four) and residential property is assessed at 10% of market value, then multiplied by a state equalization factor.
Exemptions worth claiming. The General Homestead Exemption shields $10,000 of equalized assessed value in Cook County ($6,000+ elsewhere), with additional senior and senior-freeze exemptions. Exemptions are the most common reason two identical Chicago homes pay different tax bills — make sure yours are on file with Cook County.
What property tax actually pays for. In Chicago — like the rest of Illinois — property tax funds local schools, public safety (police, fire), road maintenance, parks, libraries, and county government. Most of your bill stays in your county and school district.
Comparing to other states. Effective rates vary enormously across the US — from about 0.3% in Hawaii to nearly 2.5% in New Jersey. Chicago's 1.75% puts it in the upper third nationally.
Questions
Frequently asked.
Buying in Chicago? Estimate your full mortgage payment with our Chicago Mortgage Calculator. Or see how Illinois property tax rates compare across the state with our Illinois Property Tax Calculator.
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