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08-31-2025, 03:01 PM
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Sage
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Join Date: Dec 2015
Posts: 2,624
Thanks: 1,177
Thanked 2,594 Times in 1,124 Posts
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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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Don't overlook the fact that taxes are commensurate with wages and wealth in Chicago.
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