On an average, the Chicago homeowners can expect the hike of 10 percent in property tax bills, which is about $360, as the second installment of their property tax bills will arrive later in this month, according to the new report from Cook County Clerk David Orr’s office.
It is the second straight year of increase prompted in part by the tax hikes approved in the year 2015 by Mayor Rahm Emanuel and also the City Council. The increase, for pensions and school construction has sparked the last year’s bills to increase nearly 13 percent on average.
The residential property owners are not alone. The commercial property taxes in Chicago will increase by 9.3 percent on average in this year, which is more than $1,100. In the last year, that increase was about 10 percent.
Orr’s office said that the increase in this year has been sparked by the Chicago Board and Education and also city government wants more money from taxpayers to pay the police, firefighter and also teacher pensions.
Property-tax increases for the homeowners in Cook County suburbs would not be as stiff.
Homeowners in the north suburban Cook County will sight their property taxes go up by 6.5 percent on average, about $432. Their south suburban counterparts will sight an increase of 3.9 percent, about $192, according to the report from clerk’s Office.
Good news for the Chicago homeowners is that the city’s industrial and commercial tax base makes for lower bills than their suburban counterparts with similarly priced homes. The bill for a home with a market value of $200,000 on average will total $3,506 in Chicago, $4,545 in the north suburbs and $6,567 in the south suburbs.
Tax bills are due Aug. 1. The change in individual homeowners bills may vary widely, depending on how the value of your property is assessed in comparison to other homes.
For Chicago residents, the change in tax bills was estimated based on an average single-family residence with a market value of $224,500, Orr’s office wrote.
In the north suburbs, where properties were reassessed for the first time since 2015, the estimated increase was based on an average home worth $299,100. The south suburbs model was a home worth $163,000.
Property taxes have taken a central role in the early stages of the Illinois governor’s race as lawmakers debate hiking the state’s income-tax rate.
Last week, Gov. Bruce Rauner bemoaned property tax rates in Illinois as a prime hindrance to economic growth.
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