Cook County property tax analysis: Latino wards see dramatic increases; new state law, reassessments and controversial TIF funds result in higher taxes for most property owners
Why your property tax bill is so high
Source: Cook County Treasurer; Map: Erin Davis/Axios Visuals
The Cook County Treasurer's Office released a scathing report this morning explaining why property tax bills have gone through the roof.
Read the Report here: https://www.cookcountytreasurer.com/newsarticle.aspx?articleid=1624&utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axioslocal_chicago&stream=top
Why it matters: The report says Chicago homeowners' median tax bill went up nearly 8% since 2020.
The intrigue: In stark contrast to Cook County Assessor Fritz Kaegi's promise during election season, most residential properties saw tax increases — while most commercial properties saw decreases.
By the numbers: In the city alone, taxes went up by about $468 million with homeowners picking up about 60% of it.
What's more: Taxpayers are also paying more under a new law allowing local governments to "recapture" from the public any money it refunded to property owners who won appeals.
Zoom in: Gentrifying Latino areas, including Hermosa and Avondale, were some of the hardest hit.
Yes, but: Many Black neighborhoods on the South and West sides saw their residential property tax bills drop dramatically, some by as much as 55%.
Source: Cook County Treasurer