Chicago property taxes equal 10% of the Assessor’s market value for your home, multiplied by the state equalization factor, minus any exemptions, multiplied by your local tax rate; for a $350,000 Chicago home with the homeowner exemption, that comes to about $6,580 for tax year 2025, the bills paid in 2026.
Last reviewed October 18, 2026 · Chicago First Time Home Buyer editorial team
Chicago property taxes at a glance
| Assessment level | Homes are assessed at 10% of the Assessor’s estimated market value |
| State equalization factor | 3.0300 for tax year 2025 (3.0355 for 2024) |
| Chicago average tax rate | 6.853% for tax year 2025, up from 6.619% for 2024 (Cook County Clerk) |
| Homeowner exemption | Cuts the taxable value by $10,000, worth about $685 a year at the 2025 Chicago rate |
| Median Chicago homeowner bill | $4,597 for tax year 2025, up 3.2% (Cook County Treasurer) |
| Paid | One year behind, in two installments |
| Next Chicago reassessment | Tax year 2027, billed in 2028 |
How Chicago property taxes are calculated
- Market value. The Cook County Assessor estimates what your home is worth. This can differ from what you paid.
- Assessed value. Homes are assessed at 10% of that market value.
- Equalized assessed value (EAV). The assessed value is multiplied by the state equalization factor, set each year by the Illinois Department of Revenue.
- Exemptions. Exemptions such as the $10,000 homeowner exemption are subtracted from the EAV.
- Tax rate. What is left is multiplied by the combined rate of every taxing district that covers your home: the City, Chicago Public Schools, the Park District, Cook County and others. The Cook County Clerk sets these rates each year.
Example: property taxes on a $350,000 Chicago home
This uses tax year 2025 figures, the bills paid in 2026, and assumes the Assessor’s market value equals $350,000.
| Step | With homeowner exemption | Without |
|---|---|---|
| Market value | $350,000 | $350,000 |
| Assessed value (10%) | $35,000 | $35,000 |
| × equalization factor 3.0300 | $106,050 | $106,050 |
| − homeowner exemption | $96,050 | $106,050 |
| × Chicago average rate 6.853% | $6,582.31 a year | $7,267.61 a year |
| Per month (for escrow) | about $549 | about $606 |
In this example the bill is about 1.9% of market value with the exemption and 2.1% without it. The Clerk’s 6.853% is an average for the city; your exact rate depends on the taxing districts at your address, and some Chicago areas have extra districts that raise it. For tax year 2024, the same home paid about $6,370 with the exemption, at a 6.619% rate and a 3.0355 equalization factor.
When Chicago property taxes are due
Cook County taxes are paid one year behind: the bills paid in 2026 are for tax year 2025. Each year has two installments. The first installment is 55% of the prior year’s total bill. The second installment is the rest of the current year’s tax, and it is the bill that reflects new assessments, rates and exemptions. For tax year 2025, the first installment was due April 1, 2026 and the second October 1, 2026. The Treasurer posts each due date on its website.
What this means at closing and after you buy
Because taxes are paid behind, the seller has usually not yet paid for the months they owned the home that year. Your purchase contract sets how the seller credits you for those taxes at closing; see what it costs to buy a home in Chicago. After closing, many lenders collect taxes monthly in an escrow account and pay the bills for you, so the estimate above becomes part of your monthly payment. See monthly mortgage payment on a Chicago home.
The seller’s exemptions do not transfer to you. Apply for the Cook County homeowner exemption once you live in the home on January 1, and if you think your assessment is too high, see how to appeal your property tax assessment.
How to look up a Chicago home’s property taxes
Before you make an offer, look up the home’s recent bills by address or PIN on the Cook County Treasurer’s site, which shows payment status, exemptions on the current bill and up to 20 years of tax history. The Assessor’s property search shows the market value the bill is based on. Remember the current bill may include the seller’s exemptions, so your bill without them could be higher.
Common questions
What is the property tax rate in Chicago?
The Cook County Clerk puts Chicago’s average tax rate at 6.853% for tax year 2025, up from 6.619% for 2024. The rate applies to equalized assessed value, not to market value.
How much are property taxes on a $350,000 house in Chicago?
About $6,580 a year for tax year 2025 with the homeowner exemption, or about $7,270 without it, if the Assessor values the home at $350,000.
Will my taxes go up after I buy?
Buying a home does not by itself change its assessment. Your bill changes with Chicago’s reassessment (next for tax year 2027), tax rates, and whether you have the exemptions the seller had.
How much does the homeowner exemption save in Chicago?
It removes $10,000 from your equalized assessed value, which saves about $685 a year at the 2025 Chicago average rate.
Sources
- Cook County Clerk, 2025 Tax Rate Report (September 23, 2026)
- Cook County Clerk, 2025 Cook County Tax Rates Released (September 23, 2026)
- Illinois Department of Revenue, 2025 Cook County final multiplier (June 18, 2026)
- Illinois Department of Revenue, 2024 Cook County final multiplier (May 29, 2025)
- Cook County Treasurer, How the Illinois Property Tax System Works
- Cook County Treasurer, Tax Year 2025 Bill Analysis (August 2026)
- Cook County, second-installment property tax bills due October 1, 2026 (August 18, 2026)
- Cook County Assessor, Homeowner Exemption
- Cook County Treasurer, Tax Bill History search
- CFPB, What is an escrow or impound account?
Cite this page: Chicago First Time Home Buyer, “Chicago Property Taxes for Home Buyers: How to Estimate Your Bill,” reviewed October 18, 2026, chicagofirsttimehomebuyer.com/costs/property-taxes/.