2017 Cook County Tax Rates and 2017 Second Installment Tax Bills Issue
by Steven Kandelman
The Cook County Clerk’s office has recently issued the 2017 property tax rates. These rates will be factored into creating the 2017 second installment tax bills which will issue on time and will be due on August 1, 2018.
The total of all property taxes billed for Cook County taxing districts in 2017 will exceed $14 billion for the first time. In 2016, the total tax billed in Cook County was $13.7 billion. The total taxes sought by taxing districts of $14.4 billion represents a 5% increase from 2016.[1]
The City of Chicago tax rates increased on average 1.69% from 7.145% in 2016 to 7.266% in 2017. The average tax rate in the northern suburbs of Cook County increased 0.68% from 9.263% in 2016 to 9.326% in 2017. For the southern suburbs of Cook County, the tax rate decreased 11.00% from 13.384% in 2016 to 11.912% in 2017.[2]
For property owners located in the City of Chicago, residential owners will see an average increase of 2.75% in their total real estate taxes and commercial owners will see a 7.48% increase. For property owners in the north suburbs, residential owners will see an increase of 3.00% in their real estate taxes and commercial owners will see a 6.41%. For property owners in the south suburbs, residential property owners will see a 4.78% increase and commercial owners will see an 8.20% increase in their real estate taxes.[3]
The effects of the tax rate increases were tempered by the increase for residential property owners of the homeowner’s exemption which went from a 7,000 last year to a 10,000 deduction in the equalized assessed value this year. In addition, the senior’s exemption increased from a 5,000 to 8,000 deduction in the equalized assessed value from 2016 to 2017.
The highest 2017 local tax rate is in the Village of Ford Heights at 33.996% which is caused by the lower property value base in the southern suburbs of Cook County. The lowest local tax rate in Cook County is in the Village of Hinsdale at 6.583%. On average, the 2017 property tax bill for a home with a market value of $200,000 would be: $3,579 in Chicago; $4,593 in the north Suburbs; and $5,867 in the south suburbs.[4]
You should have received your 2017 second installment tax bill in the mail and the second installment will be due on August 1, 2018. You can also go to the Cook County Treasurer’s website at www.cookcountytreasurer.com and type in your Permanent Index Number (PIN) to upload your tax bill. On-line payment of your property taxes can also be made on the Cook County Treasurer’s website.
If you have specific questions, please call attorneys Steven Kandelman, Glenn Guttman and Michael Reynolds for more information at 312-372-2500.
[1] “2017 Cook County Tax Rates Released Clerk Orr: Taxing bodies collectively ask for record $14.4 billion” by Real Estate and Tax Service Office of Cook County Clerk David Orr (Press Release), June 20, 2018.
[2] Id. at p.1.
