There are over 130 different municipalities in Cook County, Illinois, including the city of Chicago, its county seat. The state of Illinois is known to have some of the highest property taxes in the U.S, and Cook County is no different with an average effective rate of 2.19%, more than double the national average.
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To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
More from SmartAssetTo calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
The median amount of real estate taxes paid annually by Cook County residents is $5,605 and the median home value in the area is $255,500. That’s relatively low compared to home values in other counties that include major cities, like New York County and Los Angeles County.
In Cook County, the county clerk sets the property tax rates after reviewing local levy ordinances and property valuations. If you have an issue with the way that the county assessed your property and how that affects your property tax rate, you can try disputing it by contacting the Cook County Assessor’s Office or the Cook County Board of Review.
After collecting property taxes, the Cook County treasurer divides up the funds so that more than 2,000 local taxing authorities can use them.
A financial advisor can help you understand how homeownership fits into your overall financial goals. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Cook County offers its property owners a number of tax-saving initiatives. For example, seniors who are having a hard time paying their property taxes can find out whether they can participate in the Senior Citizen Real Estate Tax Deferral Program. Through this program, they can defer up to $5,000 on their primary residence within a single tax year.
The tax deferral program for seniors functions like a loan program. Once the home is sold (or the senior dies), the state receives the money it essentially loaned to allow the property tax payment to be deferred. In order to participate, seniors must submit their applications by March 1.
Other residents can reduce their tax burden by trying to qualify for one of the county’s exemptions. A homeowner exemption is available for anyone whose primary residence is a condo, townhouse, single-family home or unit within at least a six-unit apartment building. Individuals who qualify for the exemption can potentially reduce their home value by $10,000.
Another exemption is designed for individuals who want to renovate or upgrade their homes. Through this home improvement exemption, homeowners can avoid having their property tax bills increase within four or more years of making changes to their homes (as long as these improvements are worth no more than $75,000).
If seniors aren’t eligible for the tax deferral program, they can find out whether they qualify for two other special exemptions. One is the Senior Citizen Homestead Exemption, which alone can save the average senior as much as $300 per year. The other exemption for older Cook County property owners is the Senior Citizen Assessment Freeze Exemption. This tax break fixes the value of an individual property so that an owner’s property taxes barely change or decrease as time passes.
If you want to take advantage of the county’s exemptions, you can find more information about them on the Cook County Treasurer website. Just keep in mind that you’ll need to reapply for them every year in order to benefit from the tax savings.
If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Chicago can help you out.
Cook County property taxes are paid in two different installments. Taxpayers are required to pay an estimated installment by March 1 and another installment by August 1.
The second installment due date can vary from year to year. That happens because final property tax bills are based on updated property values and tax rates. So you’ll need to check the Cook County Treasurer website to avoid missing the due date. The first installment is supposed to be equal to 50% of the total property tax bill from the previous tax year.
Tax payments can be made in four ways. If you’re mailing your payment, you’ll need to make sure it’s postmarked by the installment due date. Certain community banks allow Cook County residents to make payments straight from their savings or checking accounts. Chase Bank also provides this service in hundreds of local branches.
You also have the option of making an online payment. In order to pay your property tax bill, you’ll need to have access to your PIN number. This 14-digit number should be located on your property’s deed.
If you miss the due date for your property tax payment, you’ll need to pay the late payment amount listed on your bill. This amount will correspond to the date that you submit or mail your tax payment. Sometimes property taxes are sold when a taxpayer fails to make a payment on time or doesn’t make a payment at all. If your taxes have been sold, you’ll need to redeem the taxes and pay any fees you owe or risk losing your property altogether.
If you end up paying more property taxes than you owe, you can apply for a property tax refund. The process is simple. You’ll need to download the refund application form, provide proof that you’ve paid your property taxes (by including a copy of a cashier’s register receipt or a canceled check, for example) and either mail or submit your application in person at the Cook County Treasurer’s Office.
