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Cook County, IL Property Tax Information
Gain insightful knowledge on property tax assessments, tax records, rates and exemptions
Search Property Tax Records in Cook County, IL
Navigating our database of property tax records is done with ease. Just type in a single property address and a property report will be pulled up containg: property tax information, property assessment value, property ownership records, deeds, tax liens, and more.
Create a free basic account on PropertyShark.com and get instant access to our database of property tax records. Use the property search tool sample below!
Sample Property Tax Report for a Cook County, IL property
The State of Illinois does not have a statewide property tax. Property taxes are determined at local levels, and pay for services such as schools, libraries, park districts, fire protection districts and others. In Illinois, taxable property includes only real property such as land, buildings or permanent facilities.
Market value has been defined by The Supreme Court as the sale price of real estate as agreed upon between a willing buyer and willing seller, with neither being under duress to buy or sell.
|Market value (estimated)||=||$376,440|
Assessment is the basis upon which taxing authorities tax a property. The Assessor classifies real estate for assessment purposes based on its usage. Cook County is divided into three assessment districts, with one district being reassessed every three years. Assessed values are calculated by multiplying market value by an assessment ratio.
|Land assessed value||$2,821|
|Building assessed value||+||$34,823|
Exemptions are available in Cook County, which may lower the property's tax bill. These are deducted from the property's assessed value to give the property's taxable value.
This property, currently, benefits from exemptions, but no data regarding the exact exemption was provided, therefore, the assessed value is equal to the taxable value.
The Illinois Department of Revenue is required by law to calculate a tax equalization factor, often called the multiplier, to achieve uniform property assessment throughout the state. Once the Department has certified the final equalization factor, the County Clerk applies the factor to the final assessed value determined by the Assessor and modified by the Board of Review. The new value is called equalized assessed value (EAV). This value is the final taxable value of the property unless exemptions are applied.
Right now the equalization factor for Cook County is 2.8056.
|Equalized assessed value||=||$105,614|
Property tax is obtained by multiplying the final taxable value by the total tax rate applicable to it and is an estimate of what an owner not benefiting from any exemptions would pay.
|Tax description||Taxable value||Tax rate||Tax amount|
|Property tax (estimated)||$105,614||*||7.0540%||=||$7,450.01|
The first installment tax is 55% of the prior year's total tax, also calculated without exemptions.
The second installment reflects the new assessed values, assessment appeals, the state equalization factor, taxing-district and tax rates.
|Tax description||2011 tax amount||Installment percent||Installment amount|
Nevertheless, actual taxes might differ from the figures displayed here due to various abatement and financial assistance programs.
For more information please visit the web pages of Cook County's Assessor and Treasurer or look up this property's current valuation and tax situation.
Tax per SqFt: $3.11
On this map, you can see the tax value paid per square foot for this property.
|Square Foot||2063 SqFt|
|Tax per sqft:||$3.11|
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