News and Insights

Study Indicates Cook County, Illinois Property Tax Bills Have Nearly Doubled Over the Last 20 Years

Tax Development Nov 06, 2020

shawnking
By Shawn M. King

Study Indicates Cook County, Illinois Property Tax Bills Have Nearly Doubled Over the Last 20 YearsCook County, Illinois Treasurer Maria Pappas recently released a study of property taxes, which shows the county’s tax bills almost doubling over 20 years—an increase that is nearly triple the rise in the cost-of-living index. The study is posted at www.cookcountytreasurer.com, with a tool allowing owners to research their properties. In summary of the study:

  • Cost-of-living index has increased 36% over 20 years
  • In all of Cook County, taxes increased 99% from $7.85 billion to $15.58 billion
  • In Chicago, taxes on residential properties increased 164% from $1.33 billion to $3.51 billion
  • In Chicago, taxes on commercial properties increased 81% from $1.92 billion to $3.48 billion

This study comes as Chicago Mayor Lori Lightfoot recently proposed a $94 million property tax increase for 2021 to balance the budget as a result of the economic downturn caused by COVID-19. The increase is on top of the $543 million property tax increase that former Mayor Rahm Emanuel implemented in 2015 to cover city pension underfunding.

The tax analysis in the Pappas study does not account for property assessments, a key component in determining taxes. Now, more than ever, is an important time for analyzing your assessments to ensure they are fair. The Ryan Property Tax team is available if you are interested in learning more about this study and its impact on your property.

TECHNICAL INFORMATION CONTACT:

Shawn King
Principal
Ryan
312.980.1127
shawn.king@ryan.com

The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.