Illinois holds highest median property tax rate
Illinois has the highest median property tax rate in the nation, according to CoreLogic, a data provider to financial services and real estate companies. While the national median property tax rate is 1.31 percent, Illinois weighs in at a 2.67 percent.
Senate Republican lawmakers say these figures hit home for the people of Illinois. According to CoreLogic, a home valued at $200,000 will, on average, pay annual total property taxes of $2,620. However, in Illinois, that homeowner would pay $5,340.
The state’s high property taxes pose a tremendous financial burden for Illinois families and job creators, and play a significant role in the state’s high out-migration of both residents and businesses. Senate GOP lawmakers introduced legislation to provide property tax relief for hardworking Illinois families and businesses, while giving local governments the tools to reduce their costs. However, Democrat legislative leaders have not allowed the measure to advance for consideration by the Senate.
CoreLogic’s calculations include all taxing entities, which can include property taxes paid to a number of different entities. These include counties, villages and school districts.
Following Illinois, New York has the second highest median property tax rate at 2.53 percent. Hawaii has the lowest median property tax rate at .31 percent.
The CoreLogic findings come as no surprise—a recent study by the financial website WalletHub had determined Illinois has the second-highest property taxes in the nation.