South, West Sides Hit Hardest By Massive Property Tax Bill Spikes, New Report Shows

Chicago's median residential property tax bill rose 16. 7% to $4,457, the highest increase in 30 years, as reported by the Cook County Treasurer's Office. Areas predominantly inhabited by Black and Latino residents, particularly on the South and West sides, are facing severe increases, with West Garfield Park experiencing a staggering 133% spike. Mayor Brandon Johnson's commitment to opposing a property tax hike complicates the city's budget, especially after his revenue proposal was rejected by the City Council's finance committee. The Downtown commercial real estate sector continues to struggle, contributing to a shift in the tax burden to homeowners, with the Loop's commercial properties paying about $130 million less in taxes this year.

A total of 1. 2 million homeowners in Cook County saw tax bill increases, while 362,000 experienced reductions. This disparity highlights systemic inequities in property tax assessments, with minority communities appealing assessments at lower rates than commercial property owners. Cook County Assessor Fritz Kaegi advocates for legislative relief for homeowners facing significant tax spikes. The increasing property tax bills signal ongoing financial challenges for many Chicago residents as they navigate a recovering economy.