Maria Pappas
Nearly 85% of homeowners in Northwestern Cook County will see their property taxes increase this year.
That’s according to a new report issued by Cook County Treasurer Maria Pappas’ office that shows a combined 4% increase in tax bills throughout the county this year. That amounts to a collective $706 million more due than last year.
The tax hikes are largely fueled by reassessments and government agencies maximizing tax levies allowed under state law. Local governments are allowed to increase property taxes by 5% or the rate of inflation, whichever is lowest. This year the inflation rate was 4.1%.
“They’re licking their chops,” Pappas said. “When (inflation) goes up they get more money. The problem is you’re not bringing as many groceries into your home then because you have to pay more in property taxes.”
South suburban homeowners were hit the hardest after reassessments in that region. Homeowners in 15 of those Southern suburbs are seeing an average increase in their tax bills of at least 30%, the report shows.
In the Northwest suburbs, the report showed tax bills increased for roughly 343,400 of the region’s nearly 410,000 homeowners. For commercial property owners in the county’s Northwest suburbs, taxes increased for roughly 18,400 of the 20,700 taxpayers.
The median tax bill for homeowners in Northwest Cook County, which was reassessed last year, rose by 3.2% and amounted to $7,234.
Pappas urged state lawmakers to take action.
“This is the 30th year in a row everything’s increased,” she said. “You can’t keep studying the property tax system and keep saying it doesn’t work then do nothing about it. It’s time for Springfield to make changes.”
Countywide, only about 250,000 property owners saw their tax bills decrease from the previous year, according to the report.