What You Need to Know About Property Taxes in Chicago

If you're planning to buy or sell in Chicago—or just trying to understand your current tax bill—property taxes can feel like a headache. Here’s what you really need to know about property taxes in Chicago in 2025.

How Chicago Property Taxes Work

In Chicago, property taxes are based on your home's assessed value, which is determined by the Cook County Assessor. Then, multiple taxing bodies (like the city, schools, parks, etc.) apply their tax rates. These taxes help fund essential services—but they can also be a hefty part of your housing costs.

If you’re unsure what your home might be worth right now, you can get a free estimate based on current market trends.

Why Property Taxes Change

Every three years, properties are reassessed in Cook County. So if home values in your neighborhood have risen, your tax bill might too. Renovations or changes to your property can also impact your assessment. Check out the Cook County Assessor’s website to see when your area is due for reassessment and how your property value is calculated.

Homeowner Exemptions Can Help

Good news: there are several exemptions that can lower your bill—like the Homeowner Exemption, Senior Exemption, or Longtime Occupant Exemption. You have to apply for these through the Cook County Treasurer’s site.

Need help figuring out which exemptions you qualify for? Reach out through our contact form, and one of our local agents can walk you through it.

For Buyers and Sellers

If you’re buying, make sure to factor in property taxes as part of your monthly budget. We list up-to-date tax info on all our featured listings, so you know exactly what you’re getting into. If you’re selling, tax details are a key part of your property’s market appeal—so make sure your info is accurate and exemptions are current.

For more tips like this, visit our news blog and stay updated on Chicago market trends.

👉Curious About Your Home’s Value? Get a Free Estimate!
Wondering what your home is worth? Get a free, no-obligation home value estimate based on the latest market trends.
📍 Check your home’s value for free at HeartOfChicagoHomes.com or call/text (312) 361-8288.