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%).
Are You Paying too Much?
The deadline for paying the second installment of 2015 property taxes is fast approaching—Aug. 1 in Cook County and the beginning of September in DuPage, Will and Lake Counties. Consequently, this is an excellent time to take stock. Was your home assessed fairly? Are you taking advantage of all of the exemptions you are entitled to?
Exemptions & Appeals
In Cook County, exemptions are available to longtime homeowners, disabled individuals, returning veterans and senior citizens age 65 and older with household incomes of less than $55,000 a year. Disabled veterans, in particular, are eligible for significant property tax reductions. A disability of at least 70% qualifies the veteran for a 100% property tax exemption in equalized assessed value.
Whether you qualify for an exemption or not, and believe you are paying too much in property taxes, you can appeal. In fact, Cook County wants you to appeal your property taxes to help ensure the accuracy of their assessments. Appealing is the only way to lower your property taxes.
Hire a Property Tax Appeal Service or Do It Yourself?
Unless you are an accountant or an attorney with a background in tax law, attempting an appeal on your own may save you hundreds without having to pay anyone but you could save thousands. Enlist the help of our experts at Kensington Research and Recovery. We have a success rate of over 90 percent.
During our more than 15 years in business in Chicago, we’ve saved more than 10,000 residential and commercial property owners millions of dollars in property taxes due to inequitable over-assessments.
You should not be paying more than your fair share in property taxes. Don’t delay as the window to appeal your property taxes with the Cook County Assessor is closing fast…