Average homeowners in Chicago as well as Cook County’s northern suburbs can expect to see higher property taxes on the second installment of bills being sent out next month.
According to numbers provided by Cook County Clerk David Orr, property taxes will go up by $89.44 to reach $3,326.55 for the average single-family Chicago homeowner. That works out to be a 2.8 percent increase. In north suburban Cook County, the average property tax bill will increase 2.4 percent, or $155.49, to $6,544.09 The average single-family homeowner in the south suburbs will see property taxes go down by 1 percent, or $51.33, for a total of $4,850.23.
“The overall equalized assessed value (EAV) in Cook County has increased 1.8 percent this year, the first time values have increased since 2009. Values in the southern suburbs, which were reassessed this year, continued to decline, while the northern suburbs and the City of Chicago increased,” a news release from Orr’s office states.
Chicago tax bills were impacted partly by the Chicago Public Schools hiking property taxes the highest allowable amount.
Going forward, Chicago homeowners could see higher property taxes if an increase is approved to help tackle the city’s pension crisis.