Good question. Chicago property taxes are always in the arrears by approximately one year so the answer to your question will be an estimate based on the following formula: Assessed Value (usually 1/3 of Market Value); multiplied by a Value Percentage for the area (25% for example); minus Homestead Exemption ($4500 in Chicago) or Senior Exemption: Then multiplied again for your particular Taxing District. In short, plan on 1-1.5% of Purchase Price for resale properties and 1.5-2% for new construction or conversions. And remember, your 2006 Tax Bill won’t come until 2007. Bills generally get sent out by mail in August and March. For more info go to the Cook County Assessor’s website.