60642 Property Tax Rate

Property owners in ZIP code 60642 (Chicago, Illinois) pay a median of $10,001/year in property taxes on homes valued at $604,200. This translates to an effective tax rate of 1.66%, which is 12% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 60642 is approximately $833, which factors into escrow payments on mortgages. This ZIP code is located within Cook County. This is $6,500 more than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 60642 has higher property taxes. ZIP codes with similar effective rates include 60657 (1.66%) and 61001 (1.65%).

In Chicago, property taxes represent approximately 7.1% of the median household income of $141,179, providing context for the relative tax burden on homeowners in this area.

Illinois caps assessed value growth at 7% annually, but Cook County properties reset to market value at sale. Apply for Cook County's General Homestead Exemption ($10,000 off assessed value) with the Cook County Assessor within 30 days of receiving your assessment notice. File your exemption claim and review the Cook County Assessor's website for TIF district overlays affecting your property, as many Chicago-area neighborhoods are subject to Tax Increment Financing that can increase your effective rate.