Illinois Has The Second Highest Property Taxes In The U.S.

It's no secret, residents in Illinois pay a lot more in property taxes than almost everyone else in America, including residents in Iowa. A new study reveals that in 2023, Illinois property owners will once again be forking out more than everyone else when it comes to property taxes except one state.

Iowa, before you start poking fun at those across the Mississippi River, wait to see just how close you are to the top.

How Much Does Illinois Pay In Property Taxes?

If you own property in Illinois, you know you've been paying a lot in property taxes. WalletHub has released its list of 2023's Property Taxes by State. Illinois landed at the bottom of this list which isn't a good thing.

WalletHub found that the average annual tax on a home priced at the state median value in Illinois is $4,744. The effective Real-Estate tax in Illinois is 2.23% (second highest) and a person who owns a house valued at $244,900 is $5,465 (state median home value in Illinois is $212,000).

Illinois has the second-highest property taxes in America with New Jersey being the only state with residents that pay more.

Why Does Illinois Pay So Much In Property Taxes?

According to The Civic Federation, Illinois property owners pay so much in property taxes because local governments in Illinois rely on the property tax to fund everything. Things like city debt, pensions, and day-to-day expenses.

Illinois has always paid a ton in taxes. The graphic below shows Illinois has always been towards the top.

Iowa Doesn't Pay As Much As Illinois, Right?

WalletHub found that Iowa isn't fair behind Illinois. Iowa has the 10th highest property taxes in the U.S. this year.

If you want to pay the lowest property taxes in America, move to Hawaii. Not even a joke.