New study: evidence that Illinois owners, including homeowners, pay highest property taxes in nation

The study, published by CoreLogic, compares aggregated property tax extensions (the total amounts billed) with the value of the real property being taxed. According to CoreLogic, which the median property tax extension aggregate extension is 1.31% of the property being taxed, the median Illinois extension is 2.67% of value. This measurement scale makes Illinois the highest-property-tax state in the U.S., with New York second at 2.53% of value.

The CoreLogic data indicates that if an Illinois homeowner is occupying a house valued at $200,000, the homeowner will be paying a median annual property tax bill of $5,340. As always, individual homeowners’ experiences may vary. Different localities within Illinois will have different property tax rates; and within localities, different property owners may enjoy the effect of specific property tax relief measures. For example, senior citizen homeowners should be able to enjoy some relief from the Senior Citizens Homestead Property Tax Exemption, which automatically subtracts some of the value from the assessment number generated for an eligible senior citizen’s house before the tax bill is generated.

According to CoreLogic, neighboring states have lower property tax rates than Illinois. The California-based data aggregator generated median property tax burdens, calculated as a percentage of property value, of 1.95% in Wisconsin, 1.69% in Iowa, 1.26% in Missouri, and 0.88% in Indiana. CoreLogic’s data, published this week, agrees with previously public state-by--state surveys by firms such as WalletHub, which have also found Illinois to be one of the worst states in the nation in which to be taxed.