Cook County Property Taxes Rise for 32nd Year as Homeowners Shoulder Most of Increase

Overview

• The treasurer’s Aug. 24 report found local governments are seeking $743.8 million in new taxes, bringing total property bills to more than $19.9 billion, a roughly 3.9% increase.
• Homeowners will pay about 80% of this year’s increase, roughly $593.4 million, which continues a multi-year shift of the tax burden from commercial downtown property to residential neighborhoods.
• Staggered reassessments concentrated pain in places reassessed last year and this year: north-suburb reassessments drove nearly a 10% spike and unincorporated New Trier Township saw median bills jump 27.8%.
• The treasurer’s office blames a flawed appeals process that lets businesses and wealthier owners win reductions more often, a pattern it says shifted nearly $2 billion of tax burden onto lower-income homeowners.
• Property tax bills are set to be mailed around Sept. 1 with payments due Oct. 1, the Board of Review is urging homeowners to pre-file appeals now, and the treasurer warns continued local spending growth could push bills higher.