In the last decade, the state has been climbing the charts—and could pass New Jersey this year.
With all the snow this week and the brutal cold forecast for Chicago next week, it’s no wonder so many of us are dreaming of Hawaii right about now. But if you own your home, those daydreams may not only be weather-related: in Hawaii, homeowners are taxed at about one-eighth the rate that Illinois homeowners pay.
On that basis, you could dream about 48 of the states. Illinois now has the second-highest property taxes in the nation, according to a recent report from the Urban Institute. Only New Jersey had higher property tax rates as of the end of 2012, the period covered by the report.
Property taxes in Illinois average 2.28 percent of a home’s value, according to the Urban Institute. In New Jersey, they’re 2.32 percent, and in lowest-taxing Hawaii, they’re 0.27 percent. (The lowest among mainland states is Alabama, at 0.46 percent.)
All the states that ranked ahead of Illinois in the 2007–11 chart saw their tax rates go up in 2012. But the rate in Illinois went up more.
More at Chicago Magazine HERE
Average Property Tax as a Share of Home Price, Five Year Average: 2007–2011. A county-by-county tax rate chart for the years 2007–11 shows a band of highest-tax counties in Illinois and Wisconsin. (A 2012 map was not available.) SOURCE: “Residential Property Taxes in the United States,” by Benjamin H. Harris and Brian David Moore, Urban Brookings Tax Policy Center, Nov. 18, 2013