Retire in Evanston

Affordability

Find out how much it costs to live in Evanston.

Cost of Living

Kiplinger Rating:

Mixed

State Income Tax:

Social Security Tax?

None

County + State Sales Tax

10%

Property Tax Rate *

1.5%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

590

* 2008-2010

Cost of Living Index (100=average):

101.2

Housing + transportation costs as % of income:

49%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

None

Tax burden: % income going to state and local taxes:

11%

Inheritance and estate taxes (per Kiplinger):

There is no inheritance tax. Illinois has an estate tax with a $4 million exemption. The maximum estate-tax rate is 16%\n

Taxing of other retirement income (per Kiplinger):

None

Property Tax Break for Seniors (per Kiplinger):

The Senior Citizens Homestead Exemption allows a $5,000 reduction in the EAV of the property that a person 65 or older is obligated to pay taxes on, and owns and occupies, or leases and occupies as a residence.\n\nThe Senior Citizens Assessment Freeze Homestead Exemption allows senior citizens who have a total household income of less than $55,000, and who meet certain other qualifications, to maintain the EAV of their homes at the base-year EAV, thereby preventing any increase in that value as a result of inflation.\n\nThe Homestead Improvement Exemption is limited to the fair cash value that was added to the property by any new improvement, up to an annual maximum of $75,000. The exemption continues for four years from the date the improvement is completed and occupied.\n\nThe Senior Citizens Real Estate Tax Deferral Program allows people age 65 or older, who have a total household income of less than $55,000 and meet certain other qualifications, to defer up to a maximum of $5,000 of real estate taxes and special assessments. The deferral is similar to a loan against the property's market value, and a lien is filed on the property to ensure repayment of the deferral. The state pays the property taxes and then recovers the money, plus 6% annual interest, when the property is sold or transferred.\n

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Work Potential

  • Area
  • National Average

5 Largest Companies

  • Northwestern University
  • Evanston Hospital (University HealthSystems)
  • Evanston Skokie School District 65
  • Saint Francis Hospital
  • City of Evanston

GDP Growth Last 3 Years

10.6%

Income Growth Last 3 Years

8.9%

Employment Growth Last 3 Years

3.7%

Top Industries Hiring

  • Professional, scientific, and technical services
  • Administrative and support and waste management and remediation services
  • Other services (except public administration)
  • Health care and social assistance
  • Retail trade

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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