Big property tax hikes coming for Chicago homeowners

Jun 13, 2017

Chicago homeowners: Be prepared, the taxman is coming.

Cook County Clerk David Orr’s office has released an analysis of property tax increases homeowners can expect to see on their bills this year.

For homeowners in Chicago, the average increase is 10 percent. Those who own homes in the northern and southern areas of suburban Cook County will see rate hikes of 6.5 percent and 3.9 percent, respectively.

In Chicago, the average residential bill for a single-family home or condominium with a market value of $224,500 is estimated to increase to $3,996 from $3,633; $6,686 to $7,118 in the north suburbs for property valued at $299,100; and $4,986 to $5,179 in the south suburbs for homes valued at $163,000.

Tax increases for commercial properties in Chicago also are projected to rise significantly, with owners facing a 9.3 percent increase that will bring the average bill to $13,519 from $12,369 for property with a market value of $270,000. In Cook’s south suburbs, real estate bills will go up by 3 percent for properties valued at $99,000.

Owners in the north suburbs, however, actually will see an average decrease of 4.2 percent for commercial properties valued at $301,500 following a recent reassessment from $287,500.

“City of Chicago taxpayers, however, are seeing rates increase, due in large part to increased levies from the Chicago Board of Education and the City of Chicago itself,” Orr said in a news release.

“The City of Chicago increased its levy by $109 million this year as part of a planned four-year property tax increase which began last year,” he added. “Additionally, the State Legislature approved a $272 million CPS levy increase to pay for teachers’ pensions which took effect this year.”

Crain’s Chicago Business columnist Greg Hinz reports:

As a result of those levies, the city, with huge expenses but an enormous tax base, no longer has the lowest composite tax rate in the county. Some taxpayers in the northern suburbs and Barrington in particular now will have the lowest rate, Orr said.

The new rates come as Gov. Bruce Rauner and some of the Democrats running against him rail against rising taxes, with Rauner demanding a statewide property-tax freeze as a condition for signing off on new state budget and an increase in the income tax, and Democrats including Chris Kennedy and Daniel Biss criticizing the role of House Speaker Michael Madigan and other government leaders who practice property-tax appeals law on the side.

2016 Cook County Property Tax Rate Report

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