With all the snow this week and the brutal cold forecast for Chicago next week, it’s no wonder so many of us are dreaming of Hawaii right about now. But if you own your home, those daydreams may not only be weather-related: in Hawaii, homeowners are taxed at about one-eighth the rate that Illinois homeowners pay.
On that basis, you could dream about 48 of the states. Illinois now has the second-highest property taxes in the nation, according to a recent report from the Urban Institute. Only New Jersey had higher property tax rates as of the end of 2012, the period covered by the report.