CHICAGO — A Cook County Assessor’s Office employee is calling the increase in property taxes for many homeowners a once in a generation event due to a number of factors.
Residents living in several North and Northwest suburbs in Cook County are expected to be surprised when they open their property tax bills with an average increase of nearly 16% in the area, the highest increase in 30 years.
“The vast majority about 80% of tax payers are going to get higher bills this year,” the Director Research at Cook County Treasurer’s Office Hal Dardick said.
The second installment bills for 2023 reflect new valuations from the Cook County Assessor.
Across Cook County, taxes rose for 1.3 million homeowners and 94,000 commercial property owners from $909 million to $17.6 billion, a 5.4% higher than last year, but below 8% rate of inflation for 2022.
In Chicago, property taxes increased around 3% in 2023, while homeowners in the south suburbs saw an average of 3.9% increase. For property owners north of North Avenue, there was a larger spike.
Dardick said a “perfect storm of factors” have occurred that resulted in the increased property taxes:
- The elimination of a 10% COVID assessment reduction
- A 20% devaluation in commercial properties, due to vacancies with the value of homes going up
- School and Park District levies increasing the burden on homeowners.
Reassessments happen every three years.
Reversal of COVID-19 adjustments made in 2020 reduced values by about 10%, with higher home prices and value, assessed values of homes rising by nearly 28%.
In Schiller Park and Des Plaines, some bills are nearly 30% higher after the latest assessment. Park Ridge homeowners saw an increase of 65%.
Second installment bills are due Friday, Dec. 1.
