The Sun Times reports that, on average, Chicago landowners can expect to see a collective 6.04 %increase from last year. Across Cook County, property owners will pay 4.2% percent more.
Property taxes are computed using four factors:
- A property's assessed value (look it up here.);
- The property tax rate (check it out here.);
- The state equalization factor of 2.9786 (aka the "multiplier") up 4.74 % from last year; and
- Applicable exemptions (described here)
The Senior Citizen Exemption entitles qualifying residents to an additional $4,000 exemption, up from $3,500 last year.