PRESS RELEASE from the
ILLINOIS POLICY INSTITUTE

CONTACT: Elliott Parrish (312) 607-4977

Illinois homeowners see property taxes rise $756 in five years 
Homeowners in Cook County pay more in property taxes than homeowners in Los Angeles or San Diego

CHICAGO (Aug. 1, 2024) – With second-installment property tax bills due in coming months across Illinois, new data demonstrates those tax bills are spiking to new extremes.

The typical Illinois homeowner paid about $5,055 in property taxes during 2022, an analysis by the Illinois Policy Institute of new data shows. That’s more than homeowners in any other Midwestern state and more than double the national average.

These rising property taxes cost the typical homeowner $756 more in 2022 than five years earlier.

If the property tax bills from Alabama, West Virginia, Arkansas, Louisiana and South Carolina were combined, Illinois’ median homeowner still paid more than their five-state total. With bills averaging $5,941, homeowners in Cook County paid more in median property taxes than typical homeowners in California’s Orange, Los Angeles and San Diego counties.

The growth of property taxes outpaced the rate of inflation for homeowners in 61 out of Illinois’ 102 counties. In every border county, Illinois homeowners would pay lower property taxes if they moved across the state line to a neighboring county, saving an average of about $1,595 in the other state on a similarly valued home.

Property tax woes worsen for Illinois homeowners in 2022:

• Lake County saw the state’s highest median property tax at $8,609. DuPage County came in second at $7,646. Cook County was No. 7 at $5,941.
• McHenry County’s property taxes were more expensive than 98.7% of all counties in the nation.
• Hardin County saw the most drastic median increase from 2018 to 2022: 75%.
• Homeowners in Monroe County paid $748 more in property taxes than just five years before.
• Skyrocketing pension debt has driven up those taxes. Statewide spending on pensions has risen 584% since 2000.

“The latest property tax data speaks to a financial hardship for countless Illinois homeowners and their families. These taxes make housing in Illinois unacceptably expensive for far too many residents,” said Bryce Hill, director of economic and fiscal policy at the Illinois Policy Institute. “Lawmakers must immediately undertake comprehensive pension reform and curb property tax costs for the future. The current rates punish both homeowners and renters for choosing to live here.”

To read more about Illinois’ burdensome property tax spikes – and how to address them – visit illin.is/proptax.

For interviews or interviews, contact media@illinoispolicy.org or (312) 607-4977.