Cook County Property Taxes in 2017: What to Expect
With Mayor Rahm Emanuel’s property tax hikes consistently in the news, especially as Chicago Public Schools budget shortfall of $215 million and continued unfunded pension liabilities for city police officers, firefighters and teachers remain unsolved issues, here’s what to expect to see in your 2017 property taxes if you live in Cook County.
Regardless of what happened the year before, your first property tax installment is always 55% of the total property taxes you paid the year before. First installment bills are usually received by homeowners in March.
Cook County homeowners can expect to see higher bills than last year, to the tune of $376 million in total, as reported by the Chicago Tribune and predicted earlier by the Sun-Times. The silver lining: this increase is down from the $427 million property tax increase last year – comforting, isn’t it? The 2017 property tax increase equates to $348 for a home worth $250,000. Second installment bills are usually received in early July.
Why So Many Property Tax Increases Lately?
According to CBS Chicago reporter, Derrick Blakley, in his article, 2017: Year Of The Chicago Cash Grab: “Mayor Daley believed raising property taxes was the third rail of local politics. As a result, he kept them artificially low. What’s surprising is that Mayor Emanuel has pushed through so many tax hikes, and so far has not paid a political price.”
The Only Way to Fight These Increases
With these continued increases it’s more important than ever to make sure your assessment is fair. Contact us for our professional opinion on your assessment and whether or not we feel that it is fair and if an appeal makes sense. Appealing your property taxes is the only way to reduce what you will owe.