Property Taxes Expected to Spike in Chicago

Posted by Helaine Cohen on Thursday, June 16th, 2016 at 12:20pm.

In efforts to help bolster Chicago’s public schools plus the troubled police and firefighters pension plans, area homeowners will soon see a spike in property taxes. The tax bills will be mailed out soon, delivering Chicago homeowners with news that they’ll pay 13-percent more on average this year than they did last year. That’s in accordance with figures recently released from the Cook County Clerk’s office.

More specifically, according to some reports, the homeowner of a property worth $225,000 will see their property taxes go up another $413 per year, bringing the total to $3,633. The news comes as Chicago homeowners had anticipated seeing some sort of a hike in bills this year, also letting them know that that their property taxes will continue to go up yearly over the next four years.

The extra money from property taxes will go to help the fire and police pension shortfall, programs that have been woefully underfunded for some time. In addition, the extra funds from a hike in property taxes will deliver millions of dollars to Chicago Public Schools to be used for construction expenses.

Helaine Cohen, Chicago Real Estate Broker

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