Most Chicago homeowners will see their property tax bills rise significantly later this year — and that’s before any tax hikes by schools, the city or other local governments take effect.
Now that Chicago property reassessments are complete, residential taxpayers will shoulder 54% of the city’s property tax burden — up from 51% last year, Cook County Assessor Fritz Kaegi reported. That shift will take effect with second-installment bills this fall.
In the world of property taxes, taxing bodies get the amounts they levy regardless of who pays, and assessments determine how those charges are divided between homeowners and commercial properties. It’s a zero-sum game, replete with unhappy surprises…