Report Tracks Climbing Property Tax Rates for Chicago-area Residents
If it feels like property taxes have been squeezing more and more out of your home value, it may not be your imagination.
The Civic Federation’s annual report on estimated effective property tax rates tracks the percentage of property taxes that Chicago area residents pay relative to the estimated full market value of their property. Recent results show what a newspaper headline described as “a bad decade for property taxes.”
According to the report, Chicago’s estimated effective residential property tax rate increased by 35.3%, from 1.25% to 1.69% of full market value, during the ten-year period from 2007 to 2016. The tax rate is calculated as a percentage of full market value, without deducting for homestead and other exemptions, as a means of comparing the average property tax burdens in different areas over time.
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