The average Chicago property tax bill is going up about 10 percent this year following City Hall and Chicago Public Schools tax hikes to pay for police, fire and teacher pensions, according to calculations released Tuesday by the Cook County clerk's office.
As a result, the owner of a city home determined to be worth $224,500 will pay nearly $4,000 in property taxes this year - an increase of about $363.
The news is slightly better in suburban Cook, where the average homeowner can expect to pay anywhere from 3.9 percent to 6.5 percent more, depending on where they live, County Clerk David Orr determined.
And it's a mixed bag for business property owners in the county. In Chicago, commercial parcels will see increases of about 9.3 percent, or $1,150 more for a property valued at $270,000. In suburban Cook, those bills are going down by about 4.2 percent in the north suburbs and up by about 3 percent in the south suburbs.
While city property owners have complained long and loudly about their tax bills, they still by and large pay less in property taxes than their suburban Cook and collar county counterparts for homes with the same market value. The tax rate in Chicago remains lower than in the vast majority of suburbs, according to Tribune data.
The increases will be reflected on the second installment of Cook County property tax bills, which Treasurer Maria Pappas said would be mailed out at the end of this month with an Aug. 1 due date. The first-installment bills were due March 1.
In Chicago, the story continues to be the impact of property tax hikes that Mayor Rahm Emanuel pushed through the City Council and his hand-picked Chicago Board of Education.Read the full story at the chicagotribune.com