Taxes & Insurance in Highland Park
Highland Park's tax picture pairs a genuinely elevated property tax burden with Illinois's real, statewide flat income tax and its substantial retirement-income exemption; insurance follows Illinois's real, current statewide severe-weather cost pressures.
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Learn moreA genuinely elevated property tax rate and bill
Highland Park's median effective property tax rate runs 2.53% (Ownwell), above both the national median and Illinois's own already-high statewide median (2.33%), producing a real median annual bill of $14,191.
Where the money actually goes
The City of Highland Park itself receives only about 8% of assessed property taxes; 72% funds local school districts, with the remainder split among Lake County, the Park District, and other overlapping taxing bodies -- the same multi-district-levy mechanic documented statewide in illinois.js.
Illinois's flat income tax and real retirement-income exemption
Illinois's statewide flat 4.95% income tax applies to wages in Highland Park exactly as elsewhere in the state -- but Illinois taxes NONE of a retiree's Social Security, pension, or 401(k)/IRA income, a real, substantial benefit given Highland Park's genuinely high senior population share (24.3%, see the retiring topic page).
No Highland Park-specific homeowners-insurance figure identified
This research pass did not find a Highland Park-specific homeowners-insurance premium figure distinct from Illinois's statewide range ($2,402-$3,108/year, per illinois.js) -- disclosed as a gap. Highland Park's genuinely high home values likely push actual premiums above this statewide range in practice; confirm a current, address-specific quote directly.
Key takeaways
- Effective property tax rate (2.53%) and median annual bill ($14,191) both run genuinely elevated, even by Illinois's high statewide standards.
- The City of Highland Park keeps only about 8% of property tax revenue; the large majority funds local schools.
- Illinois's flat 4.95% income tax and full retirement-income exemption apply identically in Highland Park -- a real benefit given the city's high senior population share.
- No Highland Park-specific insurance premium was identified this pass; confirm a current quote directly given the city's high home values.
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