We have previously covered the growing inequality and staggering costs of property taxes in Cook County and Illinois. Illinois already has the second-highest property taxes in the nation, and Cook County is the epicenter of the problem and a microcosm of all the issues that plague Illinois. So far, the only option for the people of Illinois to protect their homes and businesses has been property tax appeals. However, it appears that there may be some help on the horizon. While currently stalled, legislators have put forth a proposal for a “circuit breaker” to be inserted into Illinois property tax law. The Circuit Breaker Property Tax Relief Act has gained a lot of attention and support across the state. If enacted, it could possibly bring relief to homeowners across the state. What exactly does this entails, and how does it reveal the problems festering under the surface? What is a... Read More

Since 2000, the words “Property reassessment” have filled Cook County property owners with dread. Over a three-year period, the Cook County tax assessor turns their gaze to sections of Chicago and the surrounding townships. Each year, a section of the county is assessed, with all real property certified in anticipation of taxation. As one third of the county is assessed each year, the other two watch with bated breath, hoping to see what their future holds. For the past few decades, these reassessments have not brought relief to some of the worst property taxes in America, they have compounded them. In some parts of Chicago and the surrounding townships, property taxes have doubled, tripled, or even gone up to over 500%. Since 2020, some neighborhoods going through gentrification have seen numbers even higher than that. Property taxes in Cook County are snowballing fast and are only getting worse. The townships... Read More

For those paying property taxes in Illinois, or for those even trying to understand them, the stickiest of wickets is equalization. This factor is unique to Illinois and adds another wrinkle to the state’s already complex and high-dollar property tax situation. With some of the highest property taxes in the United States, it is important that every taxpayer across Illinois understands how this policy affects valuations. Calculated using the equalization factor, this strange multiplier is the bane of property owners and accountants everywhere. In this article, we will try to define what exactly the equalization factor is, and why it exists in the first place. In later articles, we will also explore how this is used to calculate taxes and property values. Assessment Ratio Before equalization can be discussed, we must understand the assessment ratio. The assessment ratio is the percentage of a property that is taxed every year. With... Read More

Illinois property taxes are more than double that of the United States, and rank behind only New Jersey for the No. 1 spot. This is exaggerated even more when it comes to Cook County. In many ways, Cook County is Illinois turned up to 11, with high property taxes, layered government competing for every dollar, and a brutal reassessment cycle. Cook County also has to deal with the strangest quirk in the Illinois tax code, the equalization factor. Equalization is an important metric for any taxpayer in Illinois, as it brings property across various counties and townships into a more uniform taxbase. Equalization has a great impact in Cook County, where it can change every tax bill immensely. In this article, we will see how the equalization factor works in Cook County and how it can influence the cost of taxable property. Equalization Factor in Brief We already discussed this... Read More

Illinois has a complex tax system when it comes to real property and real estate. Broken up over individual townships, taxes can vary quite widely from one town to another. Only New Jersey has higher property taxes on average, and navigating this complex web of rules and organizations can be hard for new residents and natives alike. Cook County may make headlines for outlandish spikes in property values and taxes, but the rest of Illinois is not immune to these extreme costs. All property in Illinois, outside of Cook County, is assessed every four years. This assessed value then acts as the basis for taxes levied until the next cycle, making it imperative to get it right. In this article, we will break down the basics of Illinois, highlighting some of the issues that need to be addressed. This will focus on everything outside of Chicago and Cook County. We... Read More