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Illinois Second Highest in Property Taxes

Story by WBGZ Radio

New data shows Illinoisans paid more than $15.5 billion in property taxes last year at nearly the highest rate in the country. 

ATTOM Data Solutions' latest report on 2016 property taxes shows that Illinoisans averaged $4,845 in yearly property tax payments, more than two percent of the value of their homes. Only New Jersey residents were taxed at a higher ratio.

ATTOM Senior Vice President of Communications Daren Blomquist says Illinoisans don't necessarily have the most expensive homes, but the taxes they pay as a portion of the value are some of the highest in the country. 

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"They're paying a higher tax amount but on lower-valued properties in Illinois," he said.

The high taxes create a downward cycle of lower home values and then even higher tax rates to compensate, whereas places with lower tax rates generally see their home values rise.

"Home price appreciation tends to be much stronger in states with lower property taxes," Blomquist said. 

At just under 3 percent, the Rockford metropolitan area paid the third highest percentage in the entire country behind two counties in New York. Blomquist says it's not that their levies were exorbitant compared to other areas, it's that they're taxed at the average rates for very low-priced homes.

"The home values there are just about $110,000. As a percentage of home value, homeowners there are paying over three percent," he said. "That's not just high for Illinois, Winnebago County was the 7th highest property tax rate nationwide." 

To read the full report, visit realtytrac.com.

(Copyright WBGZ / www.AltonDailyNews.com)











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