Cook County homeowners bear brunt of $744M tax hike as commercial values lag

Commentary: Cook County homeowners bear brunt of $744M tax hike as commercial values lag – Loop North News

"By October 1, local taxing bodies across the county are seeking a whopping $743.8 million in new revenue, pushing the total countywide property tax bill past $19.9 billion. That 3.9 percent overall increase outpaces the regional inflation rate of 3.1 percent. Over the past 30 years, steady increases have driven the total tax tab up by $12.9 billion, or 184 percent—more than double the 91 percent rise in the local cost of goods and services."

Cook County homeowners bear brunt of $744M tax hike as commercial values lag

With office towers slumping, residential taxpayers are saddled with 80% of a new $743.8 million levy—a burden worsened by assessor delays, lost exemptions, and sudden escrow spikes.