Cook County property taxes rise 4% overall
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Cook County property tax charges increased 4% this year, with homeowners shouldering most (86.5%) of that increase, according to an analysis by Cook County Treasurer Maria Pappas' office.
Why it matters: This is at least the 30th consecutive year county residents have seen an overall increase in property taxes, and homeowners in the south suburbs are getting hit hardest.
The big picture: The county will collect more than $18.3 billion in property taxes this year.
- Bills for more than 1.3 million homeowners rose, while for 251,600 they dropped.
How it works: The Cook County Assessor reviews property values every three years, rotating among the city and the north suburbs and south suburbs, the latter divided by North Avenue.
- Bills are calculated based on assessed property value, levies set by taxing bodies like schools, tax increment finance districts, and other factors.
In the south suburbs, where properties were reassessed last year, homeowners face a nearly 20% median property tax increase, the largest jump for any reassessed area in Cook County in at least the last 29 years, according to the report. The median residential tax bill is now $6,117.
- Homeowners in 15 south suburbs — 13 of them with mostly Black populations — are facing tax increases of more than 30%.
- While residential property taxes in the south suburbs rose by 15.9%, commercial property taxes declined by $121.6 million, or 7.8%, for a net overall increase of $265.4 million.
In the city, which the county is now reassessing for next year's bills, overall taxes rose $226.8 million — with a 2.6% increase on residential properties and a 2.9% increase on commercial properties, the report says.
- Taxes for nearly 643,000 residential properties increased, while taxes for nearly 78,200 decreased.
- More than 59,700 commercial property owners saw higher bills, while 3,850 were asked to pay less.
- The median residential tax bill increased to $3,811, while the commercial median rose to $12,156.
In the northern suburbs, taxes rose by a total of $213.7 million — with a 3.2% increase on residences and a 5.2% increase on commercial properties, per the report.
- Taxes for nearly 343,400 homeowners went up, while more than 66,400 saw their taxes go down.
- Taxes for more than 18,400 commercial properties increased, while more than 2,300 went down.
- The median residential tax bill increased to $7,234, while the commercial median went up to $30,469.
What they're saying: Pappas reminds folks that bills will arrive in the mail next week, but you can already see them online with a breakdown of which taxing bodies are asking for the most money.
- "With our new feature," she tells Axios, "you can see exactly where your tax bill is going and who upped it."
What's next: The tax bills arriving next week must be paid by Aug. 1.