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Peoria led the entire country with the highest effective property tax rate in 2023 at 2.6% of the median $168,900 home value, with a median tax bill of $4,455 a year. Rockford came in second at 2. ...
SmartAsset's ranking of the cities with the highest property tax percentage in relation to home values revealed that four of the top 10 are from the same state: Illinois. The rest of the top 10 ...
Chicago-Naperville-Elgin, Illinois. Effective property tax rate for owner-occupied homes: 1.9% Median property taxes paid for owner-occupied homes: $5,776 The median owner-occupied home value is ...
The property tax is a local tax, imposed by counties, townships, municipalities, school districts, and special taxation districts. The property tax in Illinois is imposed only on real property . [ 5 ] [ 6 ] [ 7 ] Illinois counties, townships, cities, and villages may also promulgate local ordinances .
The method of determining the rate varies widely, but may be constrained under laws of particular states. Property tax is likely the first or second highest tax burden on a capital-intensive business so hundreds of thousands of dollars may be at stake. [21] In some jurisdictions, property is taxed based on its classification.
With a 2014 valuation of $12.2 million, Edgecliff had a property tax of $294,001.88, making it the highest taxed residential property in Cook County. [4] When Edgecliff repeated atop the Cook County property tax roll for 2015 with a bill of $300,439, it was one of five residences on Sheridan Road in Winnetka that made the top ten.
Median property taxes paid: $3,581 Rockford, Ill., is situated about 90 miles east of Chicago. The median household income in this small city, which has a population of around 150,000, is $56,746.
Knox would later become a county in Indiana and is unrelated to the current Knox County in Illinois, while St. Clair would become the oldest county in Illinois. 15 counties had been created by the time Illinois achieved statehood in 1818. The last county, Ford County, was created in 1859.
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