Chicago homeowners are reeling from a sense of sticker shock after receiving their tax-year 2024 property tax bills.
The median residential tax bill jumped 16.7%, marking the largest increase in at least 30 years, according to Cook County Treasurer Maria Pappas, who blamed the hike on a dramatic decline in the value of commercial property in Chicago’s Loop following the pandemic.
The amount of taxes imposed on these properties fell by $129 million thanks to falling property values, while residential taxes across the city jumped $469.4 million. The long-awaited tax bills come after Chicago was reassessed in 2024, which triggered the shift in tax burden from commercial properties onto other types of real estate as overall taxes in the city grew by $528.6 million, or 6.3%…