A comparison of real estate data from 2007 to 2024 reveals a stark disparity: property taxes have surged by 78%, while median property values have increased by only 7.3%. This growing imbalance is concerning as homeowners struggle to benefit from their largest lifetime investment.
Highlights
- Owners of single-family homes and condominiums are paying an additional $2,558 annually due to rising property taxes.
- A minimal growth of 7.3% in property values highlights the disparity in the price trends.
- In 2022, Cook County even ranked among the nation’s most expensive areas for property taxes.
Gap in Cook County Property Taxes and Property Values
The gap between property taxes and values has placed substantial pressure on homeowners. Property values have barely kept up with inflation and rising property taxes since 2007. Both single homeowners and condominiums are hit hard by this gap.
Homeowners paid an average property tax bill of $5,821 last year, marking an increase of $2,558 compared to previous years. Against this stark upsurge, property values rose from $224,000 to $240,000 only. Property tax bills for a particular year are paid in the following year. For instance, bills generated as per the prices in 2023 will be paid in 2024.
Last year, the major expenditures from property tax paid by Cook County residents went to fund public schools, community colleges, and municipal funds…