Chicago property tax calculator 2026
This Chicago property tax calculator provides an estimated property tax based on market value, the residential assessment level, and your local composite property tax rate. In Chicago, property tax is applied to the Equalized Assessed Value and the final rate varies by tax code area. Results represent estimates and not official tax bills.
Estimates only. Loan terms and approval depend on lender underwriting.
Many U.S. counties use multiple local taxing authorities (county, city, school district, special districts). Enter your combined local millage rate as shown on your annual property tax notice.
Estimated property tax
Enter the market value to see the estimated annual property tax.
How it works
Chicago property tax begins with fair market value. For residential property in Cook County, assessed value is generally 10 percent of market value. That assessed value is then equalized to produce the Equalized Assessed Value (EAV). The final tax is calculated by multiplying the EAV by the composite rate assigned to the property's specific tax code area. Because rates differ by tax code, you must enter the applicable combined local property tax rate for your property.
Examples
If a residential property has a market value of 500,000, the assessed value at 10 percent would be 50,000 before equalization adjustments. After equalization, the EAV is multiplied by the composite rate that applies to the property's tax code area. To estimate property tax, enter your property's market value and the correct composite rate for your location.
Limitations and important notes
Chicago does not have a single uniform citywide property tax rate. Composite rates are determined separately for each tax code area based on the combination of taxing districts that apply to a property. Exemptions, equalization adjustments, and appeals may reduce taxable value. This calculator does not determine your specific tax code or exemption eligibility. The actual tax bill may differ from this estimate.
FAQs
Is Chicago property tax based on market value?
The system begins with market value, but taxes are applied to the Equalized Assessed Value derived from that market value.
What assessment level applies to residential property?
Residential property in Cook County is generally assessed at 10 percent of market value before equalization.
Is there a single Chicago property tax rate?
No. The composite rate varies by tax code area and depends on the combination of taxing districts that apply to the property.
Do I need to enter my own tax rate?
Yes. Because rates vary by tax code area, you must enter the combined local property tax rate that applies to your property.
Related Property tax calculators
Calculations are simplified and for guidance only. Always double-check results and current rules with official sources or a qualified professional before making financial decisions.