As a homeowner, property taxes are unavoidable. Unfortunately, recent assessments in Cook County have left many Chicago residents and landlords grappling with unprecedented increases and errors. It is important to keep track of your assessment notices and challenge them when it is appropriate. The I-Team at ABC 7 has uncovered many instances of dramatic assessment increases and Assessor’s Office errors. A Shocking 440% Tax Hike in Lincoln Park The I-Team reported on a striking case where a taxpayer and his family, who own a modest 10-unit apartment complex in Lincoln Park, experienced a jaw-dropping 440% increase in their property tax bill. The total tax for the complex soared from $23,674 in 2023 to a staggering $128,282 in 2024. This translates to a one-bedroom apartment’s annual tax jumping to $17,494. The taxpayer expressed his frustration, explaining that such a dramatic increase puts their building at risk of bankruptcy. One option that... Read More

2023 Property tax assessments for New Trier Township apartment complexes have increased significantly and now total $62.4 million. Retail buildings saw a gain of $6 million, commercial real estate increased by $9 million, and institutional and special properties saw an increase of $979,000. In comparison, the cumulative rise in commercial and single-family property tax assessments was 2.07%, or $85.6 million, exceeding the market value in 2022. O’Connor, one of the largest national property tax specialists, developed the data analysis. The market value of single-family residences in New Trier remained level at $3 million in 2023. In New Trier Township, there has been a noticeable fall in home purchases, despite values holding at a modest 0.20% increase in property value. The biggest revaluation rises for 2023 was $4 million over the 2022 market value for homes valued at more than $1.5 million. The market value of single-family residences in New Trier... Read More

Hanover Township of Cook County, Illinois saw property values rise from $3.6 billion in 2022 to $3.8 billion in 2023, with an overall gain of 3.7%. The Hanover Township 2023 property tax assessment predominantly increased the value of industrial buildings, with a secondary concentration on service facilities. Hanover’s overall increase in the 2023 property tax assessment was $135 million, which includes increases of $77 million for industrial structures and $6.1 million for service facilities. The report that follows was created by O’Connor, among the top property tax consulting organizations in the nation Most significantly, the 2023 Hanover Township reassessment does not appear to revalue homes, with the cumulative hike in single-family property values only amounting to a relatively low amount at $3 million or 0.12%. Hanover Township includes a total of 991 tax-exempt properties, as opposed to 1,010 commercial lots that are subject to tax. The properties listed below experienced... Read More

The 2023 property tax assessment hikes have increased for a number of different property types in Cicero Township. Industrial, institutional & special buildings, retail, service, food/beverages, and commercial are the top six categories that have risen. More than $795.5 million worth of property taxes were assessed for 2023, including $219 million for industrial structures, $52 million for institutional and special buildings, $11.7 million for retail, $6 million for services, $5 million for food and beverages, and $67 million for commercial real estate. $1.67 billion to $2.46 billion, or a 47.59% increase, was the overall increase from 2022. O’Connor, among one of several significant property tax consulting firms in the country, created this research. The value of residential homes in Cicero is impacted by the 2023 tax assessment In Cicero Township’s reassessment in 2023, numerous houses were revalued; the total value of residential properties increased by 40.3%, or more than $409... Read More

Calumet Township’s most significant property tax assessment increases in 2023 were 506.80% for institutional & special structures and 150.10% for service facilities properties. Calumet’s total property tax assessment increase across both residential and commercial property for 2023 was $259 million, which included an eye-popping $39.7 million for institutional and special constructions and $10.5 million for service. Calumet assessments were up by 56.0%, from $463 million in 2022 to $722 million in 2023. This analysis was prepared by O’Connor, the nation’s leading property tax consultancy firm. Residential property values in Calumet have increased in the 2023 tax assessment In the Calumet Township reassessment for 2023, homes were revalued, with the total value of residential properties rising by an average of 54.5%, or more than $418 million, from the market value of $271 million in 2022. Difference between taxable and exempt property For 2023, Calumet Township tax rolls included 842 taxable businesses... Read More