Illinois Pays the Nation’s Highest Property Tax Rates
If you suspect that you’re paying too much in property taxes, consider this: Illinois has the highest median property tax rate in the United States, with various taxing agencies levying a combined rate of 2.67%, according to a nationwide analysis by CoreLogic, an Irvine-based research firm serving the global real estate and financial services industries.
The average median property tax rate across the country is 1.31%, which means that the owner of a home valued at $200,000 would pay annual property taxes totaling $2,620. In Illinois, however, a homeowner would pay $5,340 a year on a property of the same value. In Hawaii, which has the lowest median property tax rate at 0.31%, homeowners pay only $620 per year.
Only six other US states, all but one in the Northeast, have median property tax rates of more than 2%. As the Chicago Tribune points out, the states that border Illinois in the Midwest all have considerably lower property tax burdens: Indiana (0.88%), Missouri (1.26%), Iowa (1.69%) and Wisconsin (1.95%).