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Property Tax Updates

April 2024

Update on 2024 City of Chicago Triennial Reassessment

Property owners are preparing for upcoming changes in their tax bills, as the 2024 Triennial reassessment gets underway in the City of Chicago. As each township “opens,” residents will receive an updated notice with the property’s estimate Fair Market Value. Note that updated values take an extra business day to appear online from the mail date. And, as townships in the city are certified, updated values also take an extra business day (from the “Certified” date) to appear online.

Here's an overview of dates and deadlines.

Questions about your commercial or residential property taxes? Feel free to reach out to one of our attorneys:

Whitney Carlisle
Brian Forde
Kevin Hynes
Chris Beck

March 2024

Rogers Park Initial Assessments Released

The Cook County Assessor’s Office has released the initial assessments for Rogers Park Township, covering residential and commercial properties. This is the beginning of the City of Chicago’s triennial reassessment. The total assessed value in the township rose by 32%, led by significant increases in assessed valuations for industrial, multi-family and other commercial classes. Valuations for residential properties grew but at a lower rate, according to the Assessor’s Office.

The median sales price for single family homes in 2023 was $450,000 in Rogers Park.

Appeals for the township can be filed until April 17, 2024.

See the Assessor’s Office website for more details.

News Photo
Image courtesy of the Cook County Assessor’s Office

January 2024

First Installment Tax Bills Due March 1, 2024

Cook County property owners can visit www.cookcountytreasurer.com to view, download and prepay their First Installment 2023 property tax bills, which are due March 1, 2024.

Property tax bills are divided into two annual installments. The first, which is 55 percent of the previous year’s total tax, is due March 1, 2024. Here are the steps to download your tax bill and make a payment:

  • Select the blue box labeled "Pay Online for Free"
  • Enter your address or 14-digit Property Index Number (PIN)

December 2023

Tax Sale General Information

Illinois law allows two types of tax sales to sell delinquent property taxes — the required Annual Tax Sale and the Scavenger Sale (only held if ordered by the Cook County Board). Here’s what you need to know if considering these types of sales, according to the Cook County Treasurer’s Office.

Annual Tax Sale

If property taxes for the immediately preceding tax year are delinquent, the full delinquent tax amount due, plus interest and penalties, are offered for sale at the Annual Tax Sale. To participate in this sale, bidders must review the rules and regulations, complete a registration and provide collateral or a bond. The next Annual Tax Sale will take place starting January 9, 2024.

Scavenger Tax Sale

A new Illinois law passed in 2023 has made the Scavenger Sale optional, while it previously was required every two years. Scavenger Sales will only be held at the request of the Cook County Board. At the sale, if a property has three or more delinquent tax years, those taxes are offered for sale to the highest bidder. There is a $250 minimum opening bid or one half of the total tax amount due if that amount is less than $500.00.

November 2023

Second Installment Tax Bills Due

The Cook County Treasurer's Office has uploaded information about the second installment of the 2022 Tax Year property tax bills. Property owners who want to see their bills before they arrive in the mail can download and pay the bill at www.cookcountytreasurer.com. There is no cost to pay online (except for a 2.1% credit card processing fee if that method is used). Simply enter the property address or Property Index (PIN) number to access the information. The taxes are due December 1, 2023.

Tax bills can also be paid at any Chase Bank branch location or at more than 100 community bank locations or at the Treasurer’s Office, 118 N. Clark St., Chicago. The Treasurer’s Office sends two tax bill installments each year. The First Installment typically is due in March. In past years the Second Installment has been due in August but bills were delayed this year and last year.

October 2023

2022 Cook County Tax Rates Released

The Cook County Clerk’s Office has released its annual property tax rates for 2022 which includes calculation of property tax rates for more than 1,400 taxing agencies in Cook County.

The total taxes billed continues to increase year-over-year. Last year the total tax billed was $16.7 billion, this year the total tax billed is over $17.6 billion – a 5.36% increase. The boost is due to several factors such as assessed values, taxing district levies, and the state-issued equalization factor.

Also, the Clerk’s Office noted that Second-Installment tax bills will be due December 1, 2023.

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Cook County Clerk's Office graphic

For more information on the new tax rates and historical tax information, click here.

October 2023

2022 Property Tax Re-Assessment

One-third of Cook County properties are re-assessed each year by the Cook County Assessor’s office. The North and Northwestern suburbs (suburbs north of North Avenue) were reassessed for tax year 2022, which is reflected in the tax bills currently payable. The last time this region was examined by assessment officials en masse was tax year 2019.

The south and western suburbs (suburbs south of North Avenue) are currently being reassessed for tax year 2023. The City of Chicago was reassessed last year (tax year 2021) and will be reassessed again for tax year 2024.

June 17, 2020

The 2019 Triennial Reassessment of Evanston as a Harbinger of the 2021 Triennial Reassessment of Chicago

In Evanston, commercial properties experienced an average tax increase of 33%. Since Evanston’s relatively diverse stock of property approximates that of Chicago, its actual experience anticipates what to expect in the 2021 Triennial Reassessment of Chicago.

News Photo

June 17, 2020

Second Installment 2019 Tax Bills are Available

The second installment 2019 tax bills are now available on the Treasurer’s website. https://www.cookcountytreasurer.com/setsearchparameters.aspx You may enter PINs and download the actual tax bills. Despite August 3, 2020 due date, payments made on or before October 1, 2020, will be considered timely by the Cook County Collector.

May 22, 2020

Penalty date deferred to October 1, 2020

Cook County Board of Commissioners vote to defer the penalty date to October 1, 2020. The second installment 2019 tax bills will state that the due date is August 3, 2020. But payments will be treated as timely if made on or before October 1, 2020.

May 21, 2020

Equalizer/multiplier finalized for 2019

The 2019 (pay 2020) Cook County Equalizer/Multiplier is 2.9106. That is up slightly from the 2018 (pay 2019) value of 2.9109.
While the equalizer alone provides no indication of the likely taxes, it does provide some indication of the accuracy of assessments and the degree of assessment reductions granted by the Board of Review.

April 13, 2020

Takeaways from Zoom meeting with Assessor Kaegi re: 2020 reassessment

Assessor Kaegi recognizes that the current health and economic crises will impact real estate value. However, it was readily apparent that the actual ability of the Assessor and his staff to discover and accurately measure this impact within the strict timeframe of the assessment cycle is extremely limited or, even, nonexistent.

April 9, 2020

Federal appellate court re-affirms jurisdiction over constitutional challenge to Cook County property taxes.

The U.S. Court of Appeals for the Seventh Circuit approves a rare exercise of federal court jurisdiction over a constitutional challenge to Cook County property tax assessments brought by O’Keefe Lyons & Hynes on behalf of several commercial and industrial taxpayers. A.F. Moore & Assoc., Inc. v. Pappas, 948 F.3d 889 (7th Cir. 2020)

April 8, 2020

Context for Assessor Kaegi’s proposal to send assessment notices to all properties in Cook County reflecting the impact of Coronavirus on market value.

To understand Assessor Kaegi’s proposal it is helpful to understand how triennial reassessment operates ordinarily.

April 6, 2020

Assessor Kaegi announces reassessment of all properties to reflect Coronavirus impact on market value.

On April 3, 2020, Cook County Assessor announced that he intends to send 2020 assessment notices (affecting taxes payable in 2021) to all properties in Cook County reflecting the impact of Coronavirus on market value.

March 31, 2020

O’Keefe Lyons & Hynes to document impact of Coronavirus on market value.

In the coming months, OLH will be gathering evidence of the impact of the coronavirus on the market value of commercial real estate. We will use this evidence, where appropriate, in 2020 Assessed Valuation Complaints.