Second Installment Property Tax Bills Arrive in Cook County

Just when you thought it was safe to venture outside again, there is that envelope from the Cook County treasurer.

The bad news: Cook County property tax bills are rising on average 3.7% for tax year 2018.

The good news: Depending on where you live, you could see a tax bill that is largely unchanged from last year. An increase in overall taxable values and assessment increases in parts of the city contributed to a 6.6% reduction in the city’s overall tax rate and helped shift the tax burden away from the South Side, according to a report by Cook County Clerk Karen Yarbrough.

According to the report, the second installment of property taxes due Aug. 1 includes an overall increase in taxable value of 5.1%.

The increase, and its effect on tax bills, varies widely depending on location, however. And while individual property tax bills can be affected by other factors, the 2018 reassessment of the city of Chicago shifted the overall tax burden from the South Side to the northern and central areas of the city. While the average increase in taxable value rose 12% in the northern parts of the city and 15% in the central areas, neighborhoods to the south experienced an increase in taxable value of only 4%. Those residents’ tax bills are expected to show little or no increase on average.

City of Chicago Property Taxes

According to the report, the average single-family property tax bill in North Chicago is about $5,200 – an increase of about $536 over the 2017 tax year.

The North Chicago area includes Jefferson, Lakeview, and Rogers Park townships.

Central Chicago, which includes North, West, and South Chicago townships, stretches from Fullerton Ave to Pershing (39th) and out to Harlem Ave. There, the average tax bill is nearly $5,900, up about $600 from 2017.

In South Chicago, which includes Lake and Hyde Park townships, the average residential tax bill is $2,412, a less than 1% increase.

Chicago Suburbs Property Taxes

Homeowners in suburban Cook County, where the average estimated market value decreased slightly in 2018, according to the report, will also see tax bills with very little change, on average.

The new tax bill is due by August 1.  You can find more information, including a video about how to understand your tax bill, on the Cook County Treasurer’s website.

Are You Paying Too Much in Property Taxes?

No matter what your tax bill says, the only way to be certain that you are not paying too much is to appeal your assessment.

At Kensington, we have decades of expertise and a proprietary algorithm that allows us to dig into the factors that contribute to your property tax bill and build the strongest possible case for a reduction in your assessment. To find out how much you could save, click on the link below and take advantage of our free, no-obligation property tax analysis.  If our research does not reveal an opportunity for significant savings, we will not recommend an appeal. If you decide to have us assist you in preparing an appeal, you pay nothing unless you win.

Call or click on the link below to find out how much you could save.

GET YOUR FREE ESTIMATE TODAY