 Below are some estimated cab fares from State and Madison, the downtown zero point.A study conducted in April 2011 by the "Chicago Dispatcher" revealed that Chicago has one of the lowest standard cab fare rates in country, despite higher gas prices in the city.Cabs in Chicago charge an estimated $12.72 for a distance of five miles and five minutes wait time, lower than an estimated $14.10 in New York and $18.48 in Los Angeles.