Chicago Public Schools Budget includes $130 Million in Added Property Tax Revenues
The Chicago Public School’s proposed budget for 2021 includes $3.2 billion in property tax revenue, a $130 million increase from last year, according to the Chicago Tribune.
The district’s property tax bite is an increase of 2.3%, the maximum allowed under the state’s tax cap law, which limits property tax hikes to the lower of 5% or the rate of inflation.
The proposed $8.4 billion budget, which also includes an anticipated infusion of federal assistance, will increase spending by more than half a billion dollars, the Tribune reports.
Hanover Township 2020 Assessment Notices Mailed
2020 property assessment notices were mailed by the Cook County Assessor’s office on Thursday, September 10th 2020, to Hanover Township property owners. The following cities, towns, and villages are in Hanover Township: Bartlett, Elgin, Hanover Park, Hoffman Estates, Schaumburg (west edge), South Barrington (south edge), and Streamwood. The window to appeal your 2020 assessed value is now open until the deadline of October 15th.
We recommend property owners review their assessments annually and appeal whenever there is a strong evidence based argument that your home may not be assessed fairly. Hanover Township was reassessed in 2019 but even if you appealed last year you may appeal your assessment again this year. A successful appeal in 2020 may result in two years of savings, until Hanover is reassessed in 2022. The best way to ensure you never pay more than your fair share in property taxes is to review your assessment every year and appeal whenever you have a strong basis for an appeal argument, no matter where your township is at in the triennial reassessment cycle.