Illinois Has Nation’s Second Highest Property Tax

TWL_2015_apr_blog6A recent WalletHub report is confirming what many Illinois homeowners have long suspected—they are paying a lot in property tax. In fact, only New Jersey surpasses Illinois in property taxes. Just $32 keeps Illinois from tying for that top spot. The average real estate tax in Illinois is $3,939. The rate seems excessive when compared with Hawaii’s average of $482, which is the lowest average tax rate in the country. Indiana hovers in the middle at No. 23 with an average tax of $1,507. Overall, the national average is $2,089. The Chicago Sun-Times, which reported WalletHub’s findings, also revealed that the flat income tax rate in Illinois has landed the state on the Institute on Taxation & Economic Policy’s Terrible Ten list.

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