Property taxes stable for Northwest suburban Cook County homeowners

  • Homeowners in the North and Northwest suburbs can expect little to no increase in their property taxes this year on average, according to a recently released report by County Clerk Karen Yarbrough.

    Homeowners in the North and Northwest suburbs can expect little to no increase in their property taxes this year on average, according to a recently released report by County Clerk Karen Yarbrough. Daily Herald File Photo

 
 

Homeowners in the North and Northwest suburbs of Cook County can expect to see little, if any, increase to their tax bills this year.

County Clerk Karen Yarbrough's annual tax rate report shows the average property tax bill for homeowners in the North and Northwest suburbs rose by about $16 from last year. However, homeowners who live in areas where tax hikes were approved by voters can expect to see a larger spike in their bill.

Tax bills are due Aug. 1 and are available online at cookcountytreasurer.com. Bills will begin arriving by mail at the beginning of July.

Residential property values also dipped slightly on average, which helped hold the line on taxes. The market value for the average residential property in the Northwest suburbs this year is $293,000, according to the report, down $3,000 from the year before.

Property owners in the North and Northwest suburbs will likely see a larger increase next year after county officials are done reassessing properties in the area this year. Those assessments will be applied to next year's bill.

Chicago was reassessed last year, and properties on the North Side and central portion of the city saw tax bills increase by more than 11% on average this year, according to Yarbrough. The average residential property owner in those areas is paying $500 to $600 more this year in property taxes.

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South Side residential properties experienced a less than 1% increase on their tax bills, on average.

South and West suburban Cook property owners can expect stagnant tax bills as well, on average, the report showed.

Countywide, the more than 1,400 taxing bodies in the county will collect $14.9 billion in taxes, up from $14.4 billion last year, the report stated.

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