Beginning in 2000, the Cook County Treasurer’s Office performed a 20 year study on property taxes termed “The Pappas Study.”
Overall, the study provided proof of what many Chicago property owners already know: property taxes have increased dramatically over the past 20 years.
The Pappas Study also illuminated the differences in property tax tab increases among the city’s 50 wards and between residential and business properties within those wards. Residential bills rose 116% while business property bills rose 81%, both outpacing the 57% average increase in wages.
Want to find out how your neighborhood’s property taxes compare?
Below is a quick glance at a number of Chicago neighborhoods and their property tax increase from 2000 to 2019.
- Pilsen – 257%
- Streeterville – 121%
- Lincoln Park – 129%
- Wrigleyville – 127%
- Uptown – 115%
- Edgewater – 95%
- Rogers Park – 53%
- West Ridge – 56%
- Sauganash – 71%
- West Loop – 322%
- Hyde Park – 77%
- West Humboldt Park – 80%
- West Garfield Park – 143%
- Old Town – 135%
Property taxes unappealing? We can help!
Appealing your property taxes is one way to ensure that the amount you pay is fair whether you live in the north/northwest suburbs, south/southwest suburbs, or in the City of Chicago.
At present, Illinois is second only to New Jersey with the highest effective property tax rates in the United States. A 2020 study found that some Chicago area homeowners pay twice the national average in property taxes for a similarly valued home. Moreover, property tax hikes are slated for 2021.
Appeal.Tax can prepare your property tax appeal and handle it from start to finish. We understand local appeal procedures to help homeowners avoid being overburdened with property taxes.
Appeal.Tax has no fee unless a reduction is obtained. And we only charge a portion of the overall tax savings secured.
Since 2015, we’ve saved Illinois property owners over $150 million in reduced property taxes.
Contact Appeal.tax today to discuss your Association, residential, or commercial property tax appeal. Tax Attorney Timothy Jacobs can be reached at 847-777-7270 or tjacobs@ksnlaw.com.
This article is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By reading this article you understand that there is no attorney client relationship between you and the article author. This article should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. © 2024 Kovitz Shifrin Nesbit, A Professional Corporation.
