Chicago assessments go up, property taxes could be next
Done every three years, 2021 is the next year for the Cook County Assessor's Office to reassess residential properties in the city of Chicago. And it's the first time for new Cook County Assessor Fritz Kaegi.
- Some Chicagoans are already shocked by the increases in their property value, including Justin, who saw his estimated market value go up almost 50 percent.
Why it matters: In the past, higher assessments meant higher property taxes.
Yes, but: According to Kaegi, the new assessments don't necessarily translate to more taxes.
- "Many homeowners' tax bills have gone down from the last two reassessments, while those that went up only saw a 1% average increase," Kaegi tells Axios.
- "So far, Chicago's tax base is up about fifty percent because the assessments of large commercial properties downtown have gone up more than many homeowners' assessments," says Kaegi.
What's next: We won't see our taxes go up or down as a result of these new assessments until the second tax bill in 2022.
- Kaegi says that if your assessment is up, it's still less than the new baseline created by the commercial properties
Between the lines: Chicago is still reeling from when former Mayor Rahm Emanuel hiked property taxes to record highs in the mid-2010s.
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