2015 is a double-whammy year for Chicago property owners. Properties get reassessed once every three years and 2015 was the reassessment year for Chicago.
In many areas of the City, the value of property has increased from what it was 3 years ago. There are also areas in which this has not happened.
On Oct. 28, 2015, Chicago’s City Council passed a budget which included a 72 percent property tax levy increase for the City’s portion, worth some $543 million, to be fully implemented by 2019, raising the overall tax bill about 13 percent.
For every $250,000 of a home’s assessed value determined by the Assessor, property owners will see approximately $400 increase in annual property taxes. This not only affects homeowners, but renters as well.
The owner of a rental property will receive a higher tax bill, then may turn around and increase rents in order to cover the tax increase.