Quote:
Originally Posted by Normal
To understand typical taxes on a $500,000 home in Chicago, consider the following points:
Property Tax Rate: The average effective property tax rate in Chicago is around 2.1%.
Estimated Annual Taxes: For a $500,000 home, annual property taxes would be approximately $10,500.
Tax Assessment: Properties are assessed at 10% of their market value for residential properties.
Exemptions: Homeowners may qualify for exemptions like the General Homestead Exemption, which can reduce taxable value.
Additional Taxes: Be aware of potential additional taxes, such as local taxes or special assessments.
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Why comparing Chicago and not New Mexico, Alabama, Alaska, Michigan…. O, I see it about comparing Illinois to villages florida..
