Fitz Kegi, the evaluation of Cook County, announced the total value of properties in Chicago on Wednesday, at the top of $ 50.8 billion in 2024, and said that the owner of the city house would be slightly small of the overall property tax burden this year, If its values are worn.
Kagi is estimated at $ 25.8 billion for the value of commercial buildings such as warehouse, office and large apartment buildings, while their estimate for all homes and small apartment buildings in the city is $ 25 billion. There is a total increase of 23% compared to the total year.
Kigi said that despite rapidly apprehensive on commercial values in Chicago earlier this year, and said on Wednesday that the data centers and neighborhood retailers remain a bright place in the city’s real estate landscape.
Those numbers will play an important role as to how the second-installment property tax bill-which will land at the end of this year-will be calculated. The numbers released on Wednesday are not the last word, however: The result will depend on how the appeal plays in the board of reviews of the county.
Under Kegi’s estimates, the owners of the house will pay 49% of the property tax burden, while the commercial owners take 51%. It is an accurate flip from earlier year.
“For the average Chicago homeowner, this means that their share of the base should decrease,” Kegi said at a news conference outside her office on Wednesday. “Now, 2 percentage points may not take too much, but the overall property tax burden in Chicago is about 9 billion dollars. Therefore, it represents about $ 200 million per year in 2 percent point shift property tax billing. ,
But taxpayers-many of whom are the owners of high-value trophy properties in the loop-often set the values of kegi with a three-member board. Appeals are going on, and people with the highest value have a good chance of success. A recent study commissioned by County from Josh Myrs Valuation Solutions found that 97% of all properties worth more than $ 5 million were appealed to the board. Among them, 88% decreased.
For many years, Kegi has attracted attention as to how those successful appeals have the tax burden of the owners of the house – and in return, their bills go up. Last year, the assessor’s office estimated the deduction given by the board for south and west suburban commercial buildings and assets, “In that part of Cook County, add 4 percent marks to the owners of the tax burden in that part of the Cook County” and the bills there Contributed to spikes on a large scale. The northern suburbs also saw a record hike in 2023.
Over the years, both offices have disagreed with how to give importance to commercial properties. In the suburbs, Josh Myers Studies found that the board appeal greatly reduced the overall commercial values. It was also found that Kegi found commercial building values in Chicago much more than their selling price. The appeal brought him closer to his market values.
Many other factors will affect the bills, the property tax levy major between them. While the city of Chicago and Cook County has not raised its property tax levy significantly in recent years, Chicago is in public schools.
Kegi met the need to pass the “Circuit-Breaker” law at the General Assembly during Wednesday’s presence. Supporters have swimmed many forms of the circuit-breaker program in recent months. Most include a discount or credit for the owners of a low or certain-or-a-or-a-day house, which see their property tax bill above a certain percentage. Kegi’s plan “will apply to the bottom half of the people who are experiencing a spike of 25% or more,” he said on Wednesday. “We know that the key is making it a priority in Springfield.”
Elded. Desmons Yency, 5th, and Ald. The 22nd, Mike Rodriguez joined the suburban mayors from Hazel Crest, Bernham and Dixmur at the news conference, said that the bills are being boosted quickly for the owners of low and fixed income house.
“My inhabitants, residents of the working class of our communities need stability so that they do not operate from their homes,” Rodriguez said. “We see in the east of the important displacement of our ward, and, yes, gentrifies are happening. We want to live on the pawn of protection. ,
While Kigi said that his proposal consists of sponsors in both Illinois House and Senate, it does not have a money source for an estimated $ 200 million price tag.
On Wednesday, the office of Cook County Treasurer Maria Pappas began to reconcile the first-installment bills due to March 4. They do not reflect the new assessment of the bill kegi; They are equal to 55% of the total tax bill in the previous year.