Florida vs Illinois
Florida vs. Illinois – Property‑Tax Comparison
Intro
Both Florida and Illinois levy property taxes that fund local services such as schools, roads, and public safety. According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates), the two states differ markedly in effective tax rates, median home values, and the resulting annual tax bills. The data below provides a side‑by‑side view of the key metrics that influence a homeowner’s cost of ownership in each state.
Side‑by‑side comparison (2023 ACS)
| Metric | Florida | Illinois |
|---|---|---|
| Effective property‑tax rate | 0.79 % | 2.07 % |
| Median home value | $325,000 | $250,500 |
| Median annual property tax | $2,555 | $5,189 |
| Property tax on a $250,000 home | $1,966 | $5,179 |
| Property tax on a $500,000 home | $3,931 | $10,357 |
| Median household income | $71,711 | $81,702 |
| Link to state‑specific page | Florida property tax | Illinois property tax |
All figures are drawn from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates).
Who wins on property‑tax cost?
Florida has the lower effective property‑tax rate at 0.79 % versus Illinois’ 2.07 %.
- Rate difference: 1.29 percentage points, which represents a 62.05 % lower rate in Florida.
- Annual tax difference on a $250,000 home: $3,213 less in Florida.
- Annual tax difference on a $500,000 home: $6,426 less in Florida.
Because the tax burden is directly tied to the effective rate, Florida is the winner in terms of lower property‑tax cost.
Who is likely to benefit most from this comparison?
| Audience | Relevance of the comparison |
|---|---|
| Current homeowners | Lower annual taxes in Florida can reduce ongoing housing expenses, especially for owners of higher‑valued properties. |
| Prospective homebuyers | Buyers comparing purchase costs will see that, all else equal, Florida’s property‑tax bill is substantially lower than Illinois’. |
| Retirees | Many retirees prioritize low‑tax environments. Florida’s lower rate, combined with its lack of a state income tax, often makes it a more tax‑friendly option for fixed‑income households. |
| Investors | Investors evaluating cash‑flow from rental properties will encounter lower property‑tax outlays in Florida, potentially improving net yields. |
| Policy analysts | The stark difference in effective rates provides a clear example of state‑level tax policy variation for comparative studies. |
The comparison is most pertinent to individuals or entities for whom property‑tax expense is a significant component of total housing cost. It is less relevant for those whose primary concern is income‑tax treatment, as Florida and Illinois have different income‑tax structures that are not covered in this analysis.
Summary
Based on the most recent ACS estimates, Florida’s effective property‑tax rate (0.79 %) is considerably lower than Illinois’ (2.07 %). This translates into annual tax savings of $3,213 for a $250,000 home and $6,426 for a $500,000 home. Homeowners, retirees, and real‑estate investors who prioritize lower property‑tax obligations are likely to find Florida’s tax environment more advantageous, while Illinois homeowners face a higher tax burden relative to property value. All figures are drawn from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates).
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Data Source
All figures are drawn from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates). This comprehensive dataset provides reliable, standardized property tax information across all states.