Chicago Approves Property Tax Increase
Chicago last month approved a $543 million property tax increase, phased in over four years. With Illinois residents already paying an effective property tax rate of 2.32 percent (in 2013, the most recent year Census data is available), the increase will likely displace New Jersey’s long-standing record of the state with the nation’s highest property taxes (2.38 percent on average, in 2013).
Rahm Emanuel, Chicago’s Mayor, said the move was forced by large pension obligations, eroding credit ratings, and a legacy of expensive borrowing. Chicago’s combined taxes and fees will now be the highest of any Illinois city, and its property taxes higher than Los Angeles, New York, Washington, and Houston.
The Chicago Tribune has a neat online tool to plug in your assessed value and find out how much your tax bill is going up.
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