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New tax bills are sign of new trend: Decreasing values and increasing rates

from Myer Blank

Significant tax rate increases in many Cook County property tax bills should be a wake-up call for taxpayers, specifically owners of apartment buildings, to take action. Many districts in northern Cook County saw their tax rates increase 10-20 percent in the latest calculations. In Chicago, the overall rate continued to increase from 6.4 percent to 6.8 percent, with the next reassessment scheduled for 2015. As values are reduced for some taxpayers, specifically homeowners, the tax burden shifts to others whose properties have maintained value. Taxpayers whose values did not decline in the northern Cook County suburbs are in for "sticker shock." more


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