Chicago, IL — income, home value, property tax, and sales tax.
In ZIP code 60201, part of Chicago, homes carry a median value of $590,700, and the county-level effective property tax rate of 1.91% translates into a substantial annual bill. With median household income at $90,545 and per-capita income of $71,435, many households devote a meaningful share of earnings to property taxes alone. A combined sales tax rate of 10.25% adds further cost to everyday purchases. Buyers weighing a move here should account for how steep housing prices and that tax rate interact with local incomes before committing.
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