Cook County Property Taxes in the Northern Townships Increased by 15.7%
2022 second installment tax bills were received in the mailboxes of Cook County property owners on November 1, 2023. The second installment 2022 real estate taxes are due on December 1, 2023. The north and northwest suburbs were reassessed in 2022 by Cook County Assessor Fritz Kaegi and the reassessment resulted in a $331 million increase in property tax bills. Sources of the increases in the northern townships’ property taxes resulted from the appreciation of the residential real estate market and higher levies driven by local school districts. The median residential tax bill in the north and northwest suburbs increased by 15.7%, or from the median of $6,056 to $7,008 (Leigh Giangreco, Crain’s Chicago Business, October 30, 2023).
Overall taxes in Cook County rose 5.4% or $909 million with residential homeowners taking on $599 million or two-thirds of that increase. The south and southwest suburbs saw a $173 million increase in property taxes. Residential taxes in the south and southwest suburbs increased 4.1% or $98 million and commercial property taxes went up 5.1% or $75 million.
School districts were the source of the largest increase in levies from Cook County’s taxing agencies with a $572.9 million increase across the county. The Chicago Board of Education also sought almost $231.7 million, an increase of 6.8% from last year.