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2015 Cook County Tax Rates Released 

FOR IMMEDIATE RELEASE:
June 13, 2016

Nick Shields: 312.603.6952
nick.shields@cookcountyil.gov

Click here to view the 2015 Tax Rate Report.

The 2015 property tax rates, calculated by the Cook County Clerk’s office for the county’s more than 1,400 taxing agencies were released today, the final step in the tax process before bills are mailed out.

The average City of Chicago residential taxpayer should expect to see a 12.8% increase in their tax bill while  Suburban Cook County homeowners will see their property tax bills go up slightly. A tax bill is based on of the amount of money sought from taxing districts (the levy), the property’s assessed value, the state equalization factor, and the applicable tax rate.

Tax bills will be due Monday, August 1, 2016.

The City of Chicago was reassessed in 2015, resulting in a 9.3% increase in equalized assessed value (EAV) citywide.  While the City of Chicago increased their pension levy by $318 million this year, because of the reassessment the City tax rate increased less than 1 percent over 2014.  Cook County is divided into 3 regions, each of which is reassessed by the Cook County Assessor every three years.  The southern suburbs were reassessed in 2014 while the northern suburbs will be reassessed later this year. 

 

2014 Average
Tax Rate1

2015 Average
Tax Rate1

%
Change

2014 Average
Tax Bill2

2015
Average
Tax Bill2

$
Change

%
Change

Chicago

6.808%

6.867%

+0.9%

$3,220.32

$3,633.19

+$412.87

+12.8%

North Suburbs

10.231%

10.649%

+4.1%

$6,575.16

$6,685.55

+$110.39

+1.7%

South Suburbs

13.054%

13.662%

+4.7%

$4,885.07

$4,986.22

+$101.15

+2.1%


1. Average composite tax rates: Actual tax rates may vary within these areas.

2. Tax bills based on an average single-family residence (including condos) with market value of $224,500 in Chicago (reassessed from $199,250 in 2014), $261,500 in north suburbs, $163,000 in south suburbs.

 

Tax rates are calculated by dividing the amount of money each taxing agency or district has requested in their levy by the total taxable value within each district. A taxing agency or district is a body of government such as a school district, library, or municipality, which levies real estate taxes. The tax rates of all districts that service a particular property are added to create the composite tax rate applicable to each individual property.  

The overall EAV in Cook County increased by 3.5 percent this year, largely due to the 9.3% increase in the City of Chicago.  Taxable values in the northern and southern suburbs decreased by an average of 2.5%, primarily due to a reduction in the state equalization factor.

2015 Equalized Assessed Values (EAVs)

 

 

The equalization factor issued by the Illinois Department of Revenue (IDOR) has decreased 2 percent from 2.7253 last year to 2.6685 this year. To ensure uniform assessment state-wide, IDOR calculates the factor needed to bring the total assessed value of all properties in Cook County to a level equal to 33.3 percent of the total market value of all Cook County real estate.

 

For the first time, the total of all taxes extended for all taxing districts in Cook County exceeds $13 billion.  Last year the total tax billed in Cook County was $12.4 billion. The City of Chicago’s extension exceeds $1 billion for the first time, a 34% increase over 2014. Last year the City’s extension was $774 million.

The Property Tax Extension Limitation Law (PTELL), also known as the “Tax Cap Law” limits the increase in revenue that districts may collect to the rate of inflation.  In most cases, districts this year were limited to an increase equal to the 2015 Consumer Price Index (CPI) of 0.8 percent. Home rule districts, debt obligations, other special purpose funds, and value derived from new property and terminated Tax Increment Financing Districts (TIFs) are exempt from this limitation. Next year, the CPI will limit tax revenues to an increase of 0.7 percent, the second-lowest increase since the Tax Cap Law began over 20 years ago.

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