Another Property Tax Increase for Chicago Homeowners?

Chicago Property Tax Compounding HikesChicago property owners could face an additional $125 million property tax increase next year with Governor Bruce Rauner’s approval of a hike aimed in part at shoring up CPS pension obligations.

That would bring the total property tax hike for Chicago homeowners to nearly $1 billion since 2015.

How We Got to $963 Million in Property Tax Hikes over 4 Years

The latest $125 million potential increase adds to the burden of the measure approved in 2015 to meet Chicago police and fire pension obligations by hiking property taxes by $588 million spread over four years, as well as the $250 million increase approved in 2016.

Our running tally includes the following previously announced increases:

YEAR

TOTAL PROPERTY TAX HIKE

2016

$363 million

2017

$359 million

2018

$178 million*

2019

$63 million*

* Denotes that property taxes are expected to go up at least this amount. There will likely be further increases to cover teacher, police and fire pensions in addition to other township and county needs.

Continuing pressure to meet unfunded pension obligations could drive even further increases in the years to come – and these increases do not include whether your home is assessed at a higher value during your township’s next triennial assessment.

Appeal or Pay More Than Your Fair Share of Property Tax Increases

Once you have applied for all allowable exemptions, your only source of relief – short of selling your home – is to appeal your property tax assessment. Those who don’t appeal are essentially underwriting the savings of those who do. It’s a zero-sum formula that big commercial property owners know well. They make sure they are well represented throughout the appeals process. Their successful appeals shift the burden even further onto homeowners.

At Kensington Research and Recovery, we offer a free, no-obligation review of your property taxes. We use a data-driven process and a proprietary algorithm that goes deep into the comparable details you need to bring a successful appeal. If we don’t see an opportunity for significant savings, we won’t waste your time or ours. When we do assist with an appeal, our clients win 90% of the time. That’s a savings for you that pays off year after year.

Take advantage of our expertise and don’t get stuck paying more than your fair share.

Get Your Free Property Tax Reduction Estimate

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