Illinois Property Tax Calculator
Estimate your annual property taxes in Illinois. Calculate assessed value and apply Illinois average millage rates.
Why calculating finance in Illinois is different
Illinois has a flat income tax and high local property taxes.
State Income Tax
4.95%
Base Sales Tax
6.25%
State Min Wage
$14.00 / hr
Abbreviation
IL
Illinois Finance Interactive Tool
This calculator uses the latest 2026 data for Illinois, including the minimum wage of $14.00 and the specific state income tax rates (4.95%).
Frequently Asked Questions about Illinois Finance
How are property taxes assessed in Illinois?
Property taxes in Illinois are generally assessed at the local county or municipal level based on the fair market value of the property, multiplied by the local millage or tax rate.
Are there property tax exemptions in Illinois?
Yes, Illinois often provides homestead exemptions for primary residences, as well as specific exemptions for seniors, veterans, and individuals with disabilities, which can significantly lower your tax bill.