I have been following effective tax rates for decades.
When I was State Representative I regularly asked the Legislative Research Unit to determine them for various parts of Illinois.
They are the only way to compare property tax burdens.
Take your tax bill and divide it by the value of your home.
When people would say they had no idea what their home was worth, I used to answer that they had a better idea than anyone else.
Now, I suggest the go to the web site Zillow and type in their address.
So I just did that for our home at 275 Meridian St., Lakewood, Illinois.
Zillow says it’s $332,109–up $1,586 in the last month.
Our tax bill is $9,855.38.
Doing the division gives us an effective tax rate of 2.97%.
Wonder if that means we’re in for a jump next year.
I can remember when local effective tax rates were closer to 2%.
Last fall, the Chicago Tribune calculated effective tax rates for Chicago, suburban Cook County and the collar counties.
McHenry County was highest at 4.02%, as you can see.
In March I pulled the data for McHenry County municipalities and published it here.
With reassessment notices going out, I thought some folks might be interested.
And you will note, despite the gnashing of teeth in Chicago, even with increased real estate assessments this year and higher taxes to pay for local pensions, Chicago homeowners are still way lower than in McHenry County.
With some changes in the words, the song “Don’t cry for me Argentina” comes to mind.
The homeowners there are still taxes way lower than we are out here.