2017 Cook County Property Taxes Rates Report

As of June 20th, a report from the Cook County Clerks Office was released giving new data regarding property taxes in cook county and surrounding suburbs. With this new data property owners are better able to expect how their taxes will change for the coming year in their respective locations.

Will My Property Taxes Increase?

Homeowners of single-family homes should expect their taxes to go up, though exact amounts vary depending on the area.

  • Chicago (non-reassessed single family property) = 2.8% increase in property tax
  • North suburbs (non-reassessed single family property) = 3.0% increase in property tax
  • South suburbs (reassessed single family property) = 4.8% increase in property tax

Chicago

Taxable value in the City of Chicago is up 3.7% overall. On average commercial, industrial, and non-owner occupied residential properties are up 5.7%.

With the City and CPS levy increases this year adding to the accumulative increase in taxes billed, Chicago taxpayers will see their composite tax rate to increase from 7.145% to 7.266%. While the average single family residential property tax bill in Chicago increased approximately 2.8%, commercial/industrial property tax bills in Chicago increased approximately 7.5%. This significant difference is mostly due to an increase in residential property tax exemptions. Increased exemptions lighten the tax burden on homeowners and other qualified property owners and shift some of the weight to commercial, and other non-owner occupied residential property owners.

Suburbs

Northern Suburbs saw little change in property taxes only increasing 3.3%. There was a slight increase of approximately 3% for homeowners and 6.4% for commercial properties.

Southern suburbs saw overall a 15.6% increase in taxable value. Reassessed residential properties average property tax increased 4.8% within the last year while reassessed commercial properties increased and average of 8.2%.

How does Property Tax Exemptions affect my taxes?

Illinois statutes allow for several types of property tax exemptions for residential taxpayers. Three of the most common exemptions were increased by state law this year:

  • Homeowner Exemption - Increased from 7,000 to 10,000
  • Senior Citizen Exemption - Increased from 5,000 to 8,000
  • Senior Freeze Exemption - Maximum income increased from $55,000 to $65,000

Higher property tax exemptions reduce individual tax bills for those who receive them and shift the property tax burden towards those not receiving these exemptions such as commercial and industrial properties and non-owner occupied residential properties. The Villages of Ford Heights, Park Forest, and Riverdale have the highest average tax rates in Cook County at has the highest rate at 33.996%, 33.619%, and  28.760% respectively.  In contrast,  the lowest average tax rates in Cook County are in Hinsdale at 6.583%, the Village of Burr Ridge at 6.807% and Barrington, the 3 rd lowest at 7.260%. 

If you would like to find out the tax rate for your property, enter your PIN at Cook County Property Tax Portal

The full report can be found here