Chicago Homeowners: Brace Yourselves for Hefty Property Tax Increases…
“Chicago Homeowners are about to get whacked with a 10% increase in their property taxes,” reports Greg Hinz in his Crain’s article, Chicago Homeowners, Brace Yourselves: Huge Tax Hike on the Way.
This refers to the second installment of property tax bills about to be released by the Cook County Treasurer’s Office.
The first installment of your property tax bill was released in March and is always 55% of what you paid last year between the first and second installments. Your second installment is expected to be due on August 1, 2017.
What Do Chicago Property Taxes Pay For?
The crux of Chicago’s 10% property tax hike is to pay for $109 million in underfunded police and fire pensions. Another $272 million will pay for underfunded teacher pensions.
What about the Suburbs?
Greg Hinz reports that, according to Cook County Clerk David Orr, “…the new residential bills for 2016 will rise 6.5% in the north suburbs and 3.9% in the south suburbs.” These increases are lower because they are not subject to the underfunded City of Chicago pensions.
How to Reduce Your Property Tax Increase Next year
With these continued increases – Chicago homeowners endured an average 13% increase last year and even more increases are expected next year – it’s more important than ever to make sure your assessment is fair. The only way to do so is to appeal your property taxes. If you don’t, part of your increase next year will be to cover all of the successful appeals this year.
While you can no longer appeal your property taxes with the Cook County Assessor as the appeal window for most townships have closed, we can still assist you with an appeal at the Cook County Board of Review, starting in late August – so it’s not too late.
Contact us for a free property tax reduction estimate and whether or not we feel that your assessed value is fair and if an appeal makes sense. Appealing your assessment is the only way to reduce what you will owe in 2018.