Chicago Homeowners Have A Whopping 10 Percent Property Tax Hike On The Horizon

By Rachel Cromidas in News on Jun 13, 2017 6:26PM

The 2016 #CookCounty Tax Rates have been released. For a press release & full report visit: https://t.co/5MFZDDZH5J. #twill #TuesdayThoughts pic.twitter.com/ypwbLeQwOI

— David Orr (@cookcountyclerk) June 13, 2017

Chicago homeowners have a major tax hike on the horizon—about 10 percent, the Cook County Clerk's Office announced Tuesday. That's an average of $360 per home.

Meanwhile, commercial property taxes are set to rise by 9.3 percent, which is an average of $1,100 per property. North and South suburban homeowners also have tax hikes in store: 6.5 percent for North suburbs and 3.9 percent for South suburbs.

Cook County Clerk David Orr made the announcement ahead of an upcoming Aug. 1 tax bill, which will be sent to property owners throughout the County from his office. Orr's office is in the process of preparing the bills. Extra property taxes have been long on the horizon, with the city announcing plans to use property taxes to address budget and pension shortfalls.

The news comes amid criticism of how the county values and assess property taxes on area homes. The Chicago Tribune ran an investigation last week on real estate valuations and determined that the county property tax system unfairly burdens poorer Cook County residents and gives more financial breaks to wealthy homeowners.