01

DETERMINE THE ASSESSED VALUE

In Illinois, the assessed value of a residential property is typically one-third of its market value.  For example, if your home is valued at $300,000, the assessed value would be $100,000.

02

FIND YOUR LOCAL TAX RATE

Property tax rates vary by location and are expressed as a percentage.  You can find the tax rate listed on your tax bill.  The tax rate is applied to the assessed value to calculate the property tax owned.

03

APPLY EXEMPTIONS

Illinois offers several exemptions that can reduce your property tax burden.  The General Homestead Exemption provides a $6000 reduction in assessed value.  Additionally, the Senior Citizens Homestead Exemption offers further reduction for homeowners aged 65 and older.

04

CALCULATE THE PROPERTY TAX

Use the formula:

Property Tax = Assessed Value x Tax Rate

For example, if your assessed value is $100,000 and your local tax rate is 2%, your property tax would be:

Property Tax = 100,000 x 0.02 = $2,000