Chicago, IL — income, home value, property tax, and sales tax.
In Chicago's 60621, homes carry a median value of $153,500, and the county's 1.91% effective property tax rate works out to roughly $2,932 a year in taxes on a home at that price. With median household income at $31,905 and per-capita income of $19,792, that tax bill equals about nine percent of a household's annual earnings—a heavy share. Sales taxes add 10.25% to most purchases, further straining budgets. Ownership here demands careful planning, since incomes and home prices sit far apart from the tax load the county levies.
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