Chicago, IL — income, home value, property tax, and sales tax.
ZIP code 60523, near Chicago, ranks among the wealthier areas in the region, with a median household income of $118,194 and per-capita income of $94,958. Homes here carry a median value of $782,100, and the county-level effective property tax rate of 2.05% means owners of such properties owe substantial annual sums. Add a combined sales tax of 9.00%, and the overall cost of living runs high. Affluent households can absorb this, though the property tax bite stands out even at this income level.
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