Rising real estate taxes are becoming an increasingly important factor in home affordability, but they’re only one of many factors home buyers weigh in selecting their next community.
Property taxes can vary considerably within a community based on the governmental districts and special assessment districts that have authority to levy taxes on a home. The biggest difference is typically attributable to school districts, but park districts and special-purpose districts can also vary within a municipality, so bear in mind that the following estimates may not apply to a particular home.
For purposes of these estimates, I’ve assumed a home with an estimated fair market value of $400,000 and the minimum homeowner’s exemption of $6,000. You can learn more about how those terms impact the estimates, and see the detailed components of tax rates for various suburbs in this PDF file, one of a number of real estate tax reports available from the Cook County Assessor’s office.
Using those assumptions, here’s what you’ll pay in property taxes in each of the following suburbs on a $400,000 home: