Brian Costin, Illinois Policy Institue
11 months, 2 weeks ago Brian Costin, Illinois Policy Institue
Illinois’ property tax rates have skyrocketed since 2010
From Brian Costin, Illinois Policy Institue:
Illinois’ property tax rates have skyrocketed since 2010, according to new analysis done by the Tax Policy Center. The survey examined the 23 Illinois counties with populations exceeding 65,000.
The average property tax rates as a percent of home value has soared from 1.93 percent in 2010 to 2.28 percent in 2012. This represents an 18 percent property tax rate increase in just two years. This rate spike is due to declining home values and local taxing bodies increasing property tax levies.
Illinois’ property tax rate is second only to the rate New Jersey residents pay, which is 2.32 percent annually.
A tax rate of 2.28 percent is equivalent to paying $6,840 in annual property taxes on a $300,000 home. According to the Tax Policy Center, the average Illinoisan had an annual property tax bill of $4,469 in 2012.
This is in stark contrast to the rest of the country. The Tax Policy Center concluded “… the bulk of counties levy property taxes that are around $1,000 per homeowner and below 1 percent of house value.
”Illinois’ high property tax trend has been going on for some time. For the five-year period of 2007-2011, Illinois stands out as one of a few states that saw a majority of its counties asking citizens to pay a property tax rate of more than 1.5 percent.