Understanding Property Taxes

Tax season can be stressful and confusing. But if you prepare beforehand, you can navigate your property taxes with confidence. Here, learn everything you need to know about how property taxes work in Illinois, and where you can turn for questions.

Property Taxes in Illinois

For an overview of property taxes in Illinois, watch this video, where REALTOR® Matt Hernacki walks you through:

  • How property taxes are calculated

  • How property taxes are spent

  • How to appeal your property taxes if you feel your home wasn’t fairly assessed

  • Understanding property tax exemptions

Property Tax Changes

You may have noticed recent changes to property tax laws. Bookmark this page to stay up to date.


Exemption Increase: The General Homestead Exemption increased to $10,000 for property owners in Cook County.

Tax Credit Change: Taxpayers with an adjusted gross income of more than $250,000, or $500,000 if filing jointly, can no longer claim the Illinois Property Tax Credit.

Federal Tax Bill Change: Homeowners can now claim a maximum combined deduction of $10,000 for property and income taxes.

Still Have Questions About Property Taxes?

You can always ask your REALTOR® anything you don’t understand about the process.

You can also turn to the following local and statewide resources to ask questions about your assessment value, stay up-to-date about exemption changes, check deadlines or make appeals.