Chicago assessments go up, property taxes could be next

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.

📬 Let us know if your assessment went up or down by checking your home on the Cook County Assessor's website and emailing [email protected]