Cook 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.
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