Hyde Park, a Chicago neighborhood, saw its effective property tax rate jump from 1.6% in 2016 to 1.9% in 2025, marking a 0.3 percentage point rise over 10 years, according to BlockShopper.com.
Citywide, Chicago’s average effective property tax rate held steady at 1.4% from 2016 through 2025. That year, Hyde Park’s rate was higher than the overall city average.
When compared with 110 neighborhoods across Chicago, Hyde Park had the 22nd highest increase in effective property tax rates during this period.
Hyde Park also ranked 12th among Chicago neighborhoods for its 2025 rate of 1.9%.
This figure is 2.1 times greater than the national average effective property tax rate of 0.888% in 2024.
Home prices continued to rise nationally in 2025, reaching a median of about $447,000 in June, up 1.13% from a year before, Redfin data shows. Supply and demand remained imbalanced as there were 36% more sellers than buyers, equivalent to a gap of 508,715 homes. By Redfin’s standard, a balanced market is defined when seller and buyer numbers are within 10% of each other.
Even with steady or falling property tax rates, homeowners may see higher tax bills as home values increase. Because property taxes are based on both the rate and the assessed value, rising home prices expand the tax base and can increase the taxes owed, even in places where rates are reduced. The average effective property tax rate on median-valued homes in the largest cities in each state fell by more than 5% from 2023 to 2024, according to a Lincoln Institute of Land Policy analysis.
At the same time, growing property values have driven up the total tax base in many regions. With taxes tied to market value, higher prices can result in larger tax bills, regardless of whether rates rise or fall. Research on U.S. housing markets also indicates that each 1% climb in median home value tends to correspond with about a 0.71% reduction in effective tax rate, showing how rising prices may lower rates while boosting government revenue.
| Year | Effective Property Tax Rate |
|---|---|
| 2025 | 1.9% |
| 2024 | 2% |
| 2023 | 1.9% |
| 2022 | 1.7% |
| 2021 | 2% |
| 2020 | 1.4% |
| 2019 | 1.5% |
| 2018 | 1.6% |
| 2017 | 1.4% |
| 2016 | 1.6% |
Information in this article comes from BlockShopper.com. The original data is available here.
