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The personal finance website SmartAsset analyzed 342 cities
across the country with populations greater than 100,000.
Specifically, cities are ranked by the median real estate taxes
paid (by homeowners with a mortgage) as a proportion of the
median annual housing payments.
Researchers found that numerous Illinois cities appear in the
top 20 with the highest real estate taxes in the nation,
including the top two spots.
“Out of the top 20 places with the most expensive real estate
taxes, Illinois had six cities in the ranking,” said SmartAsset
researcher Jaclyn DeJohn.
Peoria led the entire country with the highest effective
property tax rate in 2023 at 2.6% of the median $168,900 home
value, with a median tax bill of $4,455 a year. Rockford came in
second at 2.4% and a median tax bill of $3,452.
Rounding out the top 5 were Waterbury, Connecticut; Syracuse,
New York; and Albany, New York.
Other Illinois cities making the list included Elgin (7th),
Aurora (8th), Joliet (13th) and Springfield (16th).
According to the analysis, southwestern cities dominated the
list for low real estate taxes relative to home values. While
Honolulu has the lowest relative real estate taxes with $2,346
median annual payments making up 0.28% of the median $823,500
home values, Arizona and Nevada cities constitute the majority
of the cheapest. They included Scottsdale, AZ (0.32%); San Tan
Valley, AZ (0.35%); Mesa, AZ (0.35%).
Chicago placed third in the top-10 cities with the highest
aggregate residential real estate taxes collected at $3.2
billion. Only New York and Los Angeles were higher. |
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