What this calculator does
The Chicago property tax calculator applies the actual Chicago method — not a national average — to estimate a yearly bill. Cook County taxes residential property on 10% of market value, multiplied by the state equalization factor (3.0300 for 2025), minus exemptions such as the $10,000 homeowner exemption, then times the composite rate of every district on your tax code. Chicago's effective rate often lands around 2% of market value.
How to use it
- Find the Assessor's market value on your reassessment notice or the Cook County Assessor website.
- Tick the exemptions you qualify for.
- Adjust the rate if your bill shows a different one — rates differ by neighborhood and change each year.
- Read the step-by-step table to see how the value becomes a bill.
The formula
Cook County taxes 10% of market value, multiplies it by the state equalizer, subtracts exemptions and then applies the combined rate of every district on your tax code. Here that works out to an effective rate of 1.92% of the value you entered. Exemptions lower this bill by about $700 a year.
Worked example for Chicago
| Step | Amount |
|---|---|
| Market value | $350,000 |
| Assessed value (10%) | $35,000 |
| Equalized assessed value (x 3.0300) | $106,050 |
| Exemptions (EAV) | -$10,000 |
| Taxable EAV | $96,050 |
| Tax at composite rate 7.000% | $6,724 |
| Estimated annual property tax | $6,724 |
Estimated annual property tax: $6,724.
What affects property tax in Chicago
Assessments, rates and exemptions each move the bill. In Chicago, rates are set by the local governments that serve each address, so two homes of the same value in different neighborhoods — for example Lincoln Park, Lakeview, Logan Square — can pay different amounts.
Chicago property tax at common home values
In Cook County the homeowner exemption is taken off the equalized assessed value, so its dollar saving depends on the local tax rate rather than the home’s value. The table uses this page’s default composite rate and equalizer.
| Market value | Without homeowner exemption | With homeowner exemption | Monthly with exemption |
|---|---|---|---|
| $250,000 | $5,303 | $4,603 | $384 |
| $350,000 | $7,424 | $6,724 | $560 |
| $500,000 | $10,605 | $9,905 | $825 |
| $750,000 | $15,908 | $15,208 | $1,267 |
| $1,000,000 | $21,210 | $20,510 | $1,709 |
Cook County bills arrive in two installments: the first is an estimate based on the prior year, and the second reflects the new rates and any change in assessment. Because the City of Chicago is reassessed every three years, a bill can jump in a reassessment year even when the tax rate falls.
Common mistakes and tips
- Using the listing price when the tax is based on a different assessed value.
- Missing an exemption deadline — most exemptions require an application.
- Assuming the seller's bill will be yours; many places reassess after a sale.
- Not checking the assessment notice for errors in square footage or condition.
Frequently asked questions
How much is property tax in Chicago?
With the default inputs on this page, about $6,724 a year. Exemptions lower this bill by about $700 a year.
What is the Cook County equalizer?
A state multiplier that brings Cook County assessments in line with the rest of Illinois. For 2025 it is 3.0300.
Which exemptions are automatic?
Many Cook County exemptions renew automatically once granted, but new owners must apply. Check the Assessor's website.
Is this my exact bill?
No. It estimates the main pieces. Special assessments, penalties and local charges can change the final amount.
Sources
Disclaimer
This calculator provides estimates for educational purposes only and is not financial, tax, legal, real estate, or insurance advice. Consult a licensed professional before making decisions.