If you are looking at the your Cook County property tax bill that just arrived in the mail and were wondering why it is so high, you might want to look downtown.
According to a study released Monday by the Cook County Treasurer’s office, a dramatic decline in the value of commercial property in Chicago’s Loop is driving record residential property tax increases across the city.
“All these commercial buildings you see downtown that are unrented and unoccupied, their taxes went down,” said Treasurer Maria Pappas. “And when the commercial group goes down, residences go up…pretty simple.”
In tax year 2024, Chicago homeowners will pay almost $470 million more than they did the year before, while commercial buildings in the Loop will see their taxes decreased by more than $129 million.
According to Pappas’ analysis, the average residential bill is up almost 17% in tax year 2024 to $4,457. That would be the largest increase in almost 30 years.
Some Chicago neighborhoods, however, will be hit harder than others. In Englewood, the average increase is more than $600, or 82%. In North Lawndale, bills jumped by an average of $1,900 or 99%. In West Garfield Park, the median homeowner tax bill soared by nearly $2,000 or 133%.
Pappas blames not only the economy but political choices for the increases. She says spending has increased by governmental entities at the same time as commercial property values have decreased.
The tax bills are coming out just as Chicago is considering new taxes and fees to close a more than billion-dollar budget gap. One proposal from the mayor’s office, a $21 per month per employee head tax. Pappas said a head tax would crush local businesses.
“When the business community gets crushed, and that’s the financial engine of this city, the residences have to pick up everything that happened during the crush,” she said. “It’s like a tsunami.”
Pappas has yet to officially announce that she will be a candidate for mayor in the next electoral cycle. For now, she said, she is running for County Treasurer. When asked about her possible candidacy, Pappas said, “I am not sure anybody in this city has been around as long as I have to take Humpty Dumpty and put him back together again.”
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