A new analysis found Illinois boasts the second highest property taxes in the nation. According to financial resource website WalletHub, Illinois homeowners’ average property taxes cost them nearly $2,000 more than the national average of $2,089. In fact, Illinoisans pay an average of $3,939 in property taxes on their homes each year.
WalletHub noted that while renters may think property tax rates don’t impact them, they can think again. WalletHub pointed out, “We all pay for property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.”
As part of Gov. Rauner’s Turnaround Agenda to empower voters and improve local control, he is advocating for a property-tax freeze that would remain in effect until voters decide via referendum to override it. He’s also offering reforms that would address the root causes of high property taxes, proposing changes that would reduce bureaucracy and costly mandates.
In their methodology, WalletHub used data from the census to calculate the real estate property-tax rates by dividing the median real estate tax payment by the median home price.