Cook County property tax bills are starting to hit mailboxes, with taxpayers getting an extra month to pay their first installments this year.
The first installment — 55% of a property owner’s total tax bill from the previous year’s assessment — for tax year 2022 are due before 11:59 p.m. April 3.
Why did my bill increase?
In 2021, Chicago was reassessed, leading to a 4% increase in the county’s 2022 property tax bill, with the bill totaling $16.7 billion. Tax bills for more than 406,000 residential properties increased, while nearly 318,000 went down.
There are various reasons a property tax bill can increase, such as home values going up in a community due to development. Local governments can also increase their tax levies to help pay for operations or to make up for property tax refunds they issue because of overassessment errors.
Last year’s bills also reflected a reversal of the COVID-19 adjustment Cook County Assessor Fritz Kaegi applied to 2020 property values, which led to lower property tax bills in 2021 but an even bigger jump in 2022 bills after properties in Chicago were reassessed.
Many quickly-gentrifying Latino communities on the North and Northwest sides saw the largest increases, while many Black neighborhoods on the South and West sides saw big drops in their bills.
Many property owners in the north and northwest suburbs can expect similar tax hikes this year from the reversal of the COVID-19 adjustment, with bills in the south and southwest suburbs likely to follow the same pattern next year.
How do I pay my bill?
Cook County residents can pay their property taxes in five ways. Payments can be made online at cookcountytreasurer.com, at any Chase Bank in Illinois, at more than 100 community banks if the taxpayer is an account holder, by mail or at the treasurer’s office at 118 N. Clark St., Room 112, Chicago.
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Real Estate
Cook County property taxes are due April 3. Here’s what to know.
By Lizzie Kane
Chicago Tribune
•
Mar 05, 2023 at 8:39 am
Aerial view of 18th Street in the Pilsen neighborhood of Chicago on Oct. 15, 2020.
Aerial view of 18th Street in the Pilsen neighborhood of Chicago on Oct. 15, 2020. (Zbigniew Bzdak / Chicago Tribune)
Cook County property tax bills are starting to hit mailboxes, with taxpayers getting an extra month to pay their first installments this year.
The first installment — 55% of a property owner’s total tax bill from the previous year’s assessment — for tax year 2022 are due before 11:59 p.m. April 3.
State lawmakers extended the due date from March 1 because second installment bills were delayed last year, with Cook County residents receiving them four months late and bills coming due Dec. 30 instead of Aug. 1.
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Many taxpayers experienced sticker shock after receiving their bills last year, as new assessments that took place in 2021 hit Chicago residents’ bills in 2022. The suburbs saw similar hikes following the 2020 and 2019 assessment cycles.
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Cook County properties are reassessed on a triennial basis, meaning that one-third of the county is reassessed each year. New property values are not reflected until the second installment of annual property tax bills the year after the reassessment.
This year’s first round of bills were mailed March 1 and are available online at cookcountytreasurer.com. The Cook County treasurer’s office website can be translated into dozens of languages beyond English.
Here’s what to know about the latest bills.
Why did my bill increase?
In 2021, Chicago was reassessed, leading to a 4% increase in the county’s 2022 property tax bill, with the bill totaling $16.7 billion. Tax bills for more than 406,000 residential properties increased, while nearly 318,000 went down.
There are various reasons a property tax bill can increase, such as home values going up in a community due to development. Local governments can also increase their tax levies to help pay for operations or to make up for property tax refunds they issue because of overassessment errors.
Last year’s bills also reflected a reversal of the COVID-19 adjustment Cook County Assessor Fritz Kaegi applied to 2020 property values, which led to lower property tax bills in 2021 but an even bigger jump in 2022 bills after properties in Chicago were reassessed.
Many quickly-gentrifying Latino communities on the North and Northwest sides saw the largest increases, while many Black neighborhoods on the South and West sides saw big drops in their bills.
Many property owners in the north and northwest suburbs can expect similar tax hikes this year from the reversal of the COVID-19 adjustment, with bills in the south and southwest suburbs likely to follow the same pattern next year.
How do I pay my bill?
Cook County residents can pay their property taxes in five ways. Payments can be made online at cookcountytreasurer.com, at any Chase Bank in Illinois, at more than 100 community banks if the taxpayer is an account holder, by mail or at the treasurer’s office at 118 N. Clark St., Room 112, Chicago.
Can I appeal?
Unfortunately, most residents have missed the window to knock down their assessment in the hopes of lowering their most recent bill.
If residents failed to receive an exemption they deserved — like for homeowners or seniors — they can bring that up to the Cook County Assessor’s Office and immediately obtain a corrected bill.
There will be an opportunity to appeal 2023 assessments later this year with the Assessor’s Office. If residents believe there has been an error made in their property tax assessment, they can appeal online at https://www.cookcountyassessor.com/online-appeals. Property owners typically have 30 days after their assessment to file an appeal.
Appeals for 2022 assessments can still be filed at the Cook County Board of Review for certain townships. If the Board finds in a property owner’s favor, that reduction wouldn’t apply until this summer’s upcoming bills. The Board can be reached at 312-603-5542 or appeal forms can be found at https://www.cookcountyboardofreview.com/residential-appeals.
Source and full article: https://www.chicagotribune.com/real-estate/ct-biz-property-tax-bills-explainer-first-installment-2023-20230303-k6kliuvcuzbjpe5vg67acaobea-story.html
