Chicago's Property Taxes Jump Nearly 13 Percent

By Stephen Gossett in News on Jun 13, 2016 8:42PM

ChicagoHousing.jpg
Flickr User Mike Linksvayer
Illinois residents already pay the second-highest property taxes in the nation, according to the Tax Foundation. Now Chicago homeowners can expect higher rates still. On average, they face a 12.8 percent increase this year, according to a release form the office of Cook County Clerk David Orr. That figure translates to a median $412.87 hike.

Suburban homeowners, meanwhile, will see a slight increase, +1.7 percent in the North Suburbs and +2.1 percent in the South Suburbs.

We've expected the hike since last year, as the massive debt load and unfunded pension crisis prompted the City of Chicago to pass a $588 million property increase, which will take place through 2018. This year’s $363 million bill represents the largest bill. In 2015, Mayor Rahm Emanuel promised safeguards that would protect owners of homes valued at $250,000 or less-a solution that never materialized. Emanuel spoke Tuesday about working with aldermen on a new option: a post-hoc rebate that, according to the Tribune, is highly unlikely to be passed before payments are due on Aug. 1.

Property taxes continue to be an endless source of anxiety here in Chicago, and not just among homeowners. Chicagoist examined the effects of Emanuel’s increase shortly after its proposal last year in terms of rental rates, and experts determined an increase was all but inevitable. According to some mid-year figures, that prophecy has already fulfilled itself. Concerns over gentrification are also closely linked to property taxes, of course; and some neighborhoods are now feeling the pinch in that regard, as well.
ChicagoHousing.jpg
Flickr User Mike Linksvayer