What is the tax rate for property taxes?
There is no rate for property tax in Illinois. Property taxes are based on a property’s value or “assessment”.
- Most property is assessed at 33 1/3 percent of its fair market value.
- Farmland is assessed based on its ability to produce income (its agricultural economic value). A farm building is assessed at one-third of the value that it contributes to the farm’s productivity. (Farm home sites and farm dwellings are assessed at one-third of their market value.)
- Cook County uses a different system that assigns assessment levels to different classes of property. Assessment levels range from 16 percent of market value for residential property to 38 percent of market value for commercial property.
