CHICAGO - Residential property tax rates in Chicago have risen by more than 30% over the last decade, with other selected Cook County communities reviewed by the Civic Federation of Chicago experiencing increases of at least 55%, the federation said.
The review of 12 communities in Cook County and other selected communities in the six-county region around Chicago looked at 10-year trends between 2003 and 2012. All Cook County communities analyzed in the report experienced increases in their residential effective property tax rates in tax year 2012. The report reviewed 31 communities in addition to Chicago.
In Cook, the struggling south suburban city of Harvey had the highest effective tax rate for residential properties at 8.87% in tax year 2012, while Chicago had the lowest residential rate at 1.84%.
Most communities also experienced increased commercial rates in 2012. Commercial property tax rates in selected Cook County communities saw increases that ranged from 4.1% in the city of Evanston directly north of Chicago to 61.1% in Harvey. Effective tax rates are a measure of property tax burden for homeowners and businesses.
"It is important to note that during much of the period analyzed in this report, the estimated full value of real estate in Cook County was declining to its lowest level since 2001," said Laurence Msall, president of the Civic Federation. "Many Cook County taxpayers are facing the double burden of increased rates and declining property value."
The review also looked at trends in DuPage, Kane, Lake, Will, and McHenry Counties. Among those reviewed, Waukegan had the highest 2012 effective property tax rate at 7.19% and Oak Brook had the lowest rate at 1.34%.
All those analyzed experienced significant property tax rate increases between 2003 and 2012, ranging from a 31% increase in the portion of Naperville located in Will County to a 169% increase in Waukegan in Lake County.
