Chicago Living

Chicago Property Taxes—What’s In Store for the Future

When 2016 property tax notices went out last month, many Chicago property owners were shocked by the increase. The additional charges will appear on your tax bill a year from now. While Mayor Emanuel has announced an average $150 property tax rebate, not all homeowners are eligible, and even if they are the rebate may not be enough to offset the rising taxes.

The rebate will be offered to homeowners with an income of less than $75,000 and rebates will range from $25 to $200 based on home value. Homeowners will need to pay the entire tax bill up front, and then apply for the rebate if eligible.

Additional tax increases will likely be put in place over the next three years in order to fund the Chicago police and fire pension funds. The good news, according to the Chicago Tribune, is that the city will not need to increase property taxes in the next few years beyond that.

If you’re thinking about filing an appeal of your property tax assessment, you may want to contact your association board first. Joint filing is often a stronger appeal process. In fact, your board may have already filed an appeal, so it’s important to contact them first before starting an individual process. For more information on joint appeals, read our article here.

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