Why did my property tax bill increase so much?

Several system-wide factors can cause tax bills to rise even if your home value did not.

Commercial-to-residential tax shift: Cook County property taxes operate as a zero-sum system. When commercial property values decline, homeowners can pay a larger share of the total tax burden.

• In tax year 2024, downtown Chicago commercial values dropped significantly.

• This reduced commercial tax bills by over $129 million.

• As a result, Chicago homeowners paid approximately $469.4 million more than the prior year.

• The median Chicago tax bill increased about 16.7%, reaching roughly $4,457, one of the largest increases in decades.

Appeals can reduce commercial taxes more than residential taxes: The Cook County Assessor has publicly stated that large reductions granted to commercial properties during appeals shift more of the tax burden onto residential homeowners.

Local government levies and tax rates: Your tax bill is driven by local government spending, called the levy.

• School districts, municipalities, and park districts set how much money they need.

• The Cook County Clerk sets tax rates to collect that amount.

• If overall property values decline, tax rates increase to collect the same levy.

• Even if your home value drops, your tax bill can still rise.