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Cook County Homeowners - be prepared to put some of that gift-giving money aside.... those property tax bills that were supposed to be mailed out back on August 1st are heading towards your mailbox on Wednesday and   will be and payble by December 13th.


Fargo said…
We just got our bill today. The total for this year is a $92 increase from last year - not earth shattering.
Taxes are computed using three principal variables. A given property's assessed valuation, the local tax rate, and the state equalization factor (the "multiplier").

In Chicago, that tax rate went down about two tenths of one percent, but the multiplier increased by 13%.

In order that any given tax bill to stay constant or increase only moderately. the properties' assessed valuation must have gone down. By and large, a good many Chicago homeowners did see reduced assessed valuations and they should - like you - see little or no change to their bills this year.

I am in the process of reviewing several tax bills for clients who bought and sold this year. Some have decreased fairly substantially. Others, sad to say, have gone up severely. At least one unfortunate river north condo complex is suffering a 33% increase!.

I suppose that is at least one "positive" in declining property values.
Anonymous said…
My assessed value went down, but my property taxes for this year went up by a little over 30%. It looks like it is because the homeowner exemption I received decreased by $700 or so. Why would that happen?
Sorry A., not enough factual information in your question for me to be able to give you a meaningful answer.

the state multiplier went up pretty substantially so that contributed to your tax increase. also, the method that the county used to compute the size of homeowners exemptions changed this year and perhaps that had some impact too.

on a personal level, i am sorry to hear that your taxes went up so high. as a county resident, i guess i want to thank you for helping to help fund the government and keep our communities as livable as they are.

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