Typical property tax bill increased 78% on a Cook County residence since 2007. Median property values only rose 7.3%. That leaves residents paying $2,558 more a year in property taxes while their biggest investment fails to keep up with inflation.
By Patrick Andriesen | Illinois Policy Institute
The typical Cook County condominium or single-family homeowner paid 78% more in property taxes in 2024 than they spent in 2007, despite median property values only rising 7.3%.
The median property tax bill paid by the owner of a single-family home or condominium in Cook County grew to $5,821 last year – an increase of $2,558 since 2007, the oldest data available.
The median property values for the 1.17 million single-family homes and condominiums examined in Cook County only rose from $224,000 to $240,000, according to data from the Cook County Assessor’s Office.
An Illinois Policy Institute analysis tracked all single-family and condominium properties in Cook County during 2006 and 2023 with market values between $25,000 and $2.5 million. Property tax bills are issued one year and paid the following year, so 2023 bills were paid in 2024.
The data shows 65 cents of every property tax dollar paid in Cook County last year went to fund public schools and community colleges. That translates to $3,797 per property compared to $2,089 paid for schools in 2007.
The second-largest expenditure was the municipal fund, which consumed 20 cents of every property tax dollar in 2024. The remaining money went to fund Cook County governments and miscellaneous expenses.
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