Does Chicago have a low or high real estate property tax? (Palatine: sales, private school)

[wheregirl]

Hello,

I've read an articles rating Chicago as #10 most tax-friendly city and saying it has low real estate property taxes. I also read that someone on this forum said that property taxes of Chicago and the Cook county is really high. What is going on with the real estate taxes in Chicago?

How does it compare with that of Dupage and Will counties and how does that compare with other big cities such as LA or NYC?

Thanks.

[JoeisSweet]

How come no one answered this question? I would love to answer this question...if I knew the answer...

Someone help!

[surlycue]

My understanding is that the property taxes in the city are significantly lower than outside of Chicago but still in Cook Cty. And in general Cook Cty's property taxes are lower than DuPage Cty's.

However, you get what you pay for. You may pay 4K a year more in DesPlaines or Skokie than you would in Roger's Park but for the most part you'll be able to send your kids to public school without a second thought. I do not own a place here but this is the impression I've gotten from my friends that own in the city and those that own in Palatine and DesPlaines.

[Attrill]

Property taxes are definitely lower in Chicago than any of the 'burbs with decent public schools. My wife and I looked at Oak Park and realized we could pretty much pay for private school with the difference in property taxes.

Chicago is MUCH better than NYC or LA for income tax. Income tax is a flat 3% (paid to the state). State income tax in California can get close to 10% depending on your income level, and is around 6-7% for most people I know. New York State is around 7% and NYC has it's own income tax on top of that.

[Lookout Kid]

Property taxes in Illinois are lower than in many other states (Wisconsin's property taxes can be almost double, for instance). It's the sales taxes, sin taxes, and ridiculous user fees and fines that sting in Chicago. And of course, property taxes can really hurt when you have rapid appreciation, such as in a gentrification scenario.

[Attrill]

Originally Posted by Lookout Kid

It's the sales taxes, sin taxes, and ridiculous user fees and fines that sting in Chicago.

That can be true, but it really depends on what your income is. I'd need to spend over $400,000/year for goods to pay the same amount in sales taxes as I would pay in income tax in NYC. Fees are similar to any large city, water is cheaper than other cities and trash collection is free. I have friends in Indiana who can't believe I have to get a city sticker for my car ($90), but they don't think twice about paying $300/year for trash collection.

I could easily see Chicago being in the 10 least expensive cities for taxes and fees when you add everything up, it is certainly a hell of a lot cheaper than Boston, SF, NYC, and DC.

[Lookout Kid]

On a post from last year I posted a couple of studies that showed Illinois to be ranked either 30th or 26th out of 50 states for overall tax burden. So, it's really all relative. If you move here from a southern state with very low taxes, you may feel burdened. If you move here from New York or California, you will be pleasantly surprised. But I think most people agree that the sales taxes are kind of ridiculous--especially since the "Stroger tax" was implemented. The only thing that will keep Stroger in power after this election is split opposition and the county machine efforts.

[Lookout Kid]

Originally Posted by Attrill

That can be true, but it really depends on what your income is. I'd need to spend over $400,000/year for goods to pay the same amount in sales taxes as I would pay in income tax in NYC.

This is a good point that is worth mentioning. The little taxes are irritating and widely visible, so they produce more than their fair share of griping. But if Quinn successfully raises the state income tax from 3% to 4.5%, it will be a much more significant dollar amount.