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Mount Prospect, Cook County, Illinois Property Taxes

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Property Taxes in Mount Prospect, Illinois

  • Median Mount Prospect, Illinois effective property tax rate: 2.49%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.

  • Median Mount Prospect, Illinois home value: $320,000

  • Median annual Mount Prospect, Illinois tax bill: $7,792, $5,392 higher than the national median property tax bill of $2,400.

How are property taxes in Cook calculated?

Property taxes in Mount Prospect, Illinois are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Mount Prospect's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Mount Prospect, knowing local tax details benefits homeowners and investors.

Last Updated April 13, 2026

Mount Prospect, Cook County, Illinois Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.49%

Estimate Property Tax Bill

$7,968

$7,394

SAVE WITH OWNWELL

$774

Average Annual Tax Savings

How Does the Mount Prospect Property Tax Calculator Work?

Use this Mount Prospect property tax calculator to estimate your annual tax bill. Enter your property's assessed value and our calculator applies Mount Prospect's median effective tax rate of 2.49% — based on actual property records in Cook County — to generate your estimate.

Enter your property's estimated assessed value — the figure the local assessment system uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Mount Prospect's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.

Your bill may vary by ZIP code within Mount Prospect: rates range from 2.49% in 60056 to 2.49% in 60056, primarily due to differences in school district levies and local assessment districts. Mount Prospect's median property tax bill is $7,792, compared with the national median property tax bill of $2,400 and the national median property tax rate of 1.02%.

If your estimate is higher than expected, Ownwell can appeal your Mount Prospect assessment — you only pay if we save you money.

About Mount Prospect Property Taxes

About Property Taxes in Mount Prospect, Cook, Illinois

Mount Prospect’s median effective property tax rate of 2.49% is higher than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the Cook County base levy combined with local school district levies and special service areas that vary by subdivision throughout the city.

Property tax rates are not uniform across Mount Prospect. Homeowners in the 60056 ZIP code carry a median effective rate of 2.49%, while those in the same ZIP also pay 2.49%. This reflects how school district boundaries and local assessment districts are drawn across Cook County. Understanding which part of Mount Prospect you live in can make a meaningful difference to your annual tax bill.

Mount Prospect homeowners who believe their assessed value is too high can file a formal appeal with the Assessor’s Office before the deadline each year.

If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.

Property Tax Rates Across Mount Prospect, Cook County, Illinois

As noted earlier, local government entities set tax rates, which can vary widely within a state.

Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.

While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Mount Prospect's effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Property Tax Rates Across Mount Prospect, Cook County, Illinois

Source: Ownwell

1.11%

5.02%

8.93%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Mount Prospect Tax Rate

2.49%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Cook County Tax Rate

2.14%

Median Effective Illinois Tax Rate

2.33%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Mount Prospect, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
600561.93%2.28%2.49%2.68%2.79%

Source: Ownwell

Property Tax Assessment Values Across Mount Prospect, Cook County, Illinois

When examining property taxes in Mount Prospect, understanding the distinction between "market value" and "assessed value" is crucial.

The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cook County appraisal district estimates the market value for tax purposes.

The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices:

In Cook County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of May.

Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. For Mount Prospect homeowners, the median home price is $320,000, and the median tax bill is $7,792, well above the national median property tax bill of $2,400. In 60056, the highest median home price is $320,000.

Property Tax Assessment Values Across Mount Prospect, Cook County, Illinois

Source: Ownwell

$28,470

$625,355

$1,222,240

Median Mount Prospect Market Value

$320,000

Median Cook County Market Value

$248,820

Median Illinois Market Value

$227,888

Median United States Market Value

$235,294

Property Tax Assessment Values Across Mount Prospect, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60056$140,820$252,170$320,000$370,000$439,262

Source: Ownwell

Property Tax Bills Across Mount Prospect, Cook County, Illinois

Property tax bills in Mount Prospect are based on the assessed value of a home, not its market price alone. Local taxing authorities set tax rates, and the final bill reflects the home’s assessed value, exemptions, and the combined rates from schools, local services, and other public entities.

With a median home price of $320,000, homeowners in Mount Prospect face a median property tax bill of $7,792 in ZIP code 60056. That is well above the national median property tax bill of $2,400 and the national median property tax rate of 1.02%. For many homeowners, a higher assessed value can mean a much larger bill, even if the home has not recently sold.

Ownwell helps homeowners lower their property tax bills by reviewing assessments, identifying savings opportunities, and filing appeals when a property appears overassessed. By challenging an unfair assessment, Ownwell can help reduce future tax bills and keep more money in your pocket.

Property Tax Bills Across Mount Prospect, Cook County, Illinois

Source: Ownwell

$634

$15,281

$29,928

Median Mount Prospect Tax Bill

$7,792

Median Cook County Tax Bill

$5,588

Median Illinois Tax Bill

$5,277

Median United States Tax Bill

$2,400

Property Tax Bills Across Mount Prospect, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60056$2,784$5,292$7,792$9,406$11,313

Source: Ownwell

Don't miss the deadline to appeal!

Frequently Asked Property Tax Questions in Mount Prospect, Illinois

How are property taxes calculated in Mount Prospect, Illinois?
Property taxes in Mount Prospect, Illinois are calculated by multiplying your property's assessed value by the applicable tax rate set by local taxing authorities. The assessed value is determined by the county assessor and may differ from your property's market value depending on local assessment ratios and exemptions.
How do I appeal my property taxes in Mount Prospect, Illinois?
To appeal your property taxes in Mount Prospect, Illinois, you typically need to file a formal protest or appeal with your local appraisal district or assessor's office by the stated deadline. You'll need evidence such as comparable sales, a recent independent appraisal, or documentation of property condition issues. Ownwell can handle this entire process for you.
What property tax exemptions are available in Mount Prospect, Illinois?
Common property tax exemptions in Mount Prospect, Illinois include homestead exemptions for primary residences, senior citizen exemptions, veteran exemptions, and disability exemptions. Exemption amounts and eligibility requirements vary by county. Contact your local appraisal district or check Ownwell for details specific to your property.
When are property taxes due in Mount Prospect, Illinois?
Property tax deadlines in Mount Prospect, Illinois vary by county but typically include an assessment notice period in spring or early summer, followed by an appeal deadline, and a tax payment due date in the fall or winter. Check with your county assessor's office for specific dates in your area.
How can Ownwell help reduce my property taxes in Mount Prospect, Illinois?
Ownwell provides professional property tax appeal services in Mount Prospect, Illinois. Our team analyzes your assessment, gathers evidence, files all paperwork, and represents you at hearings — all with no upfront cost. You only pay a percentage of your savings if we successfully lower your tax bill.