SFBBG’s property tax team continues to serve all real estate tax needs including assessment appeals of office, industrial, retail, and multifamily properties.
Below are a few key updates to stay informed of the latest real estate tax developments in the Chicagoland area.
2023 (payable 2024) Tax Year:
As second installment property tax bills for Cook County arrive, data reveals a record-high increase for some parts of the county.
South suburban Cook County was reassessed in 2023, and the median property tax bill for south suburban homeowners increased 19.9% over the prior year. Some areas saw increases of 30% or greater with certain villages experiencing increases of over 100%. According to the Cook County Treasurer’s records, this represents the highest percentage increase in the last 29 years.
The increase for homeowners in south suburban Cook County is partly the result of the removal of COVID-19 relief put in place in 2020 as well as an increase in home sales prices in recent years.
In the north and northwest suburbs, aggregate property taxes rose $213.7 million with both residential and commercial properties seeing increases of over $100 million.
The City of Chicago experienced a modest overall increase to tax bills of 2.6%. However, all parcels in Chicago will be reassessed for the 2024 tax year.
2024 (payable 2025) Tax Year:
2024 assessments have been published and appeals have opened for several townships in Cook County. These include the City of Chicago, which will be completely reassessed this year. West Chicago and Rogers Park Townships are already closed for appeals at the Cook County Assessor’s Office, but a second opportunity to appeal will be available when the Cook County Board of Review opens later this year.
Lake View is the most recent township in Chicago to open for appeals, and the deadline to contest valuations at the Assessor’s Office is August 14. Hyde Park is scheduled to open for appeals in late July with an estimated deadline in late August. Lake, Jefferson, North Chicago, and South Chicago townships will follow in the coming months. Property owners in these townships should be on the lookout for reassessment notices.
Outside of Cook County, the 2024 assessment publication and appeal session has started as well. Kane County and McHenry County have begun to accept appeals for some townships. Lake and DuPage Counties are expected to publish assessments in the coming weeks. Will County will likely open for appeals in August.
For more information on protesting your property taxes, please contact Jason Newton or George Banakis at (312) 648-2300. They can also be reached via e-mail at [email protected] or [email protected].
