By Ted Dabrowski and John Klingner | Wirepoints
The first installment of Cook County’s 2023 tax bills are due on Friday, March 1. For many, it’ll be a repeat of the sticker shock they suffered last year.
Elk Grove Village property tax bills grew 24% in 2023. Des Plaines’ jumped 29%. Northlake, 37%. And homeowners in Melrose Park experienced a near 50% increase. Residents across the Northwest suburbs were hit with the largest tax hike in 30 years – a consequence of Cook County’s revaluation of property values. Overall, Cook County homeowners were hit with a 7.2% increase in their FY 2022 taxes (paid in 2023), the biggest hike in 16 years.
The big increases are further evidence that state and local politicians have no plan and no intent to deal with Illinois’ property tax problem. There’s no coordination, no solutions, no relief. Just more tax hikes from governments that, collectively, already impose the 2nd-highest property taxes in the nation.
Wirepoints analyzed the taxes paid in 2023 (2022 property tax data) released by the Cook County Treasurer late last year, and we’ve summarized the most important facts:
1. Property tax revenues across all local governments within Cook County grew 5.4% in 2022. Overall, property taxes owed to all governments rose to $17.6 billion in 2022, up from $16.7 billion the year before. That’s a 5.4% increase, the 2nd-biggest hike in 30 years.
Homes, not businesses, felt the biggest pinch. Multifamily properties experienced the largest overall tax increase at 7.5%, adding more pressure to affordability in the rental market. Residential taxes increased the 2nd-most, at 6.5%. And both commercial and industrial properties increased about 3.8%.
2. Median residential property tax bills grew 7.2% in 2022. Cook County homeowners experienced the largest increase in their tax bills in 16 years. That jump pushed the median bill tax bill to nearly $5,000, up from $4,600 the year before.
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