Historic property tax increases will hit south suburban homeowners’ mailboxes in the coming weeks, according tofrom the Cook County treasurer’s office that found median tax bills there are rising by 19.9% compared with last year, the largest jump in the last 29 years.
The village is split between Cook County and Will County. Woods said the difference in taxes is stark depending on which side of the border people live. “You can clearly see it’s the same house,” Harris said in an interview Wednesday. “How can mine be assessed at so much more?” Countywide, property owners are paying $700 million more in taxes, a 4% increase compared to last year, just below the 4.1% rate of inflation.
Kaegi’s valuations are another major factor. The south suburbs just went through their triennial reassessment last year, where homes and businesses were assigned fresh values by the assessor and where property owners could appeal those values to the county’s Board of Review. Other fresh elements came into play for bills this year. Thanks to those rising home values, nearly 4,200 south suburban homeowners who were previously receiving enough tax breaks via exemptions to pay $0 in taxes will have a bill this year. Those bills will range from just a few cents to nearly $11,000.
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