Where Chicago Property Tax Assessments Expected to Go up 28-48%
By this time, who hasn’t heard about Rahm Emanuel’s $588 million property tax hike?
It seems that everyone in the city is bracing for this to be reflected in our next property tax bills. Details are now emerging as to which areas will be affected more than others – see below for how this affects your neighborhood.
The good news: there is a way for you to fight back against Rahm’s property tax increase…
Chicago Neighborhoods Most Affected
For those living on Goose Island and in “SoNo” (Chicago North Township 013), your goose is cooked: your property taxes are estimated to increase by an average of 48%. Specifically, this is the area between North Avenue and Chicago and Clybourn-Division-Halsted to the Chicago River (west side of Goose Island).
Other Chicago neighborhoods (divided into townships by Cook County) that are most likely to be affected by Emanuel’s property tax increase in terms of increases to their next property tax assessments (for non-rental units based on aggregate increases in market value):
- East Village (West Township 051): 33.1% increase
- Streeterville & River North (North Township 030): 33.0% increase
- Near North (North Township 011): 32.8% increase
- Gold Coast (North Township 022): 32.6% increase
- Bucktown (West Township 170): 32.3% increase
- Lincoln Park (south of Fullerton, North Township 012): 32.1% increase
- Ukrainian Village (West Township 052): 28.7% increase
- Wicker Park (West Township 152): 28.3% increase
- Wicker Park (West Township 060): 28.1% increase
Source: Cook County Assessor’s Office via Crain’s Chicago Business Article See Where Cook County Home Values Have Changed Most in 15 years by Dennis Rodkin
You Have Two Choices
Regarding these Chicago property tax hikes, you’ve got two choices: grin and bear it, or fight it.
If you want to fight, the legal way to do it is to appeal your property tax assessment. Doing so can save thousands every year. And there’s still time if you live in North, South or West Chicago townships to appeal your property taxes to lessen the impact of Emanuel’s increase.
Those choosing not to fight these property tax increases will likely see their property taxes rise even higher than the averages listed here. What do you want to do?