Buying a home in Illinois

Property taxes, transfer taxes, home values and first-time buyer help in Illinois.

Effective property tax rate

2.01%

Median tax $5,298 ÷ median value $263,300 (ACS 2020–2024)

Typical home value

$297,573

Zillow ZHVI, 2026-08

State transfer tax

0.1%

Usually paid by: seller. 35 ILCS 200/31-10 (Real Estate Transfer Tax Law). Official source. Local taxes may add more.

Estimated buyer closing costs Estimate

$2,900–$4,600

On a $297,573 home: typical lender fees + title insurance + deed recording (TallyClose) + the buyer’s share of transfer/recording taxes. Excludes prepaids, escrow and local taxes.

At Illinois's effective rate of 2.01%, a typical $297,573 home would owe about $5,981/year ($498/month) in property taxes. Actual bills depend on your county, city and exemptions. Run your numbers.

First-time homebuyer programs

Illinois Housing Development Authority

Your state housing finance agency offers down payment assistance and low-rate mortgages for eligible buyers. Visit Illinois Housing Development Authority →

Sources: U.S. Census Bureau ACS 2020–2024 5-year (B25103, B25077); Zillow Home Value Index; TallyClose closing-cost dataset (CC BY 4.0), which cites each state statute; NCSHA HFA directory. Last updated 2026-10-15.