Open up your latest property tax installment and what do you see?
If you are a homeowner in certain portions of the city, you’ve seen your bill go up quite a bit.
On the predominately Latino Lower West Side, there was an increase of 46%.
A new study from the treasurer’s office breaks the numbers down and explains why exactly that is, especially as Cook County Assessor Fritz Kaegi has sought to shift the burden away from residential owners and onto commercial properties.
For Chicago residents, their bills show the first reassessment of the city of Chicago under Kaegi who won a second term on Nov. 8.
Property taxes across Cook Country rose by $614 million, or 3.8% in 2021. That’s $16.7 billion going to pay for schools, public safety, libraries and other government services, according to the treasurer’s office. The median tax bill for homeowners in Chicago increased by nearly 8%.
Tax bills are also viewable on the treasurer’s website.