We, REALTORS®, are concerned about the negative impact of yet another property tax on the affordability and stability of living in Chicago.
Property taxes have increased every year for the last 30 years and have nearly doubled over the last decade
Property tax increases have now caused delinquencies in some neighborhoods to rapidly increase as much as 15%.
Data source: Cook County Treasurer’s Office
Chicago’s Property Taxes Have Real-World Impact
The portion of property owners’ tax bills in Chicago attributable to just the city’s tax levy adds substantial costs for owners, renters and businesses.
Single Family Homeowner
Property Value $350,000
Estimated property tax bill is
$6,841/yr or $570/mo
Renter, 10-unit Building
Property Value $3 Million
Estimated property tax pass
through cost to a tenant is
$6,478/yr or $540/mo
Small Business in a
Commercial Building
Property Value $750,000
Estimated property tax bill is
$40,485/yr or $3,374/mo
“Communities have been hit hard because the property taxes continue to go up, and that’s why I’m committed to not raising property taxes: to keep families in the City of Chicago.”
“I’m not raising property taxes…It’s been property taxes that have made it very difficult for families to afford to stay in Chicago, many of whom own their homes, and their losing opportunities to grow wealth.”
Another property tax increase will severely impact working families, particularly those in underserved communities.
Households in many areas of the city ALREADY tend to pay more than 20% of their income on property taxes.
Another property tax increase could cause many homeowners to lose their savings, work more, sell their home, or leave Chicago.
Yet another property tax increase could put homeownership out of reach for many African Americans and Latinos and increase outward migration.
Illinois REALTORS® Interview with 2023 Chicago Mayoral Candidate Brandon Johnson
Take Action NOW !
Chicago is already facing a housing affordability crisis – median home prices have jumped over 20% in only a few years.
We recommend the City Council reject including the proposed property tax in the 2025 budget.
Call your Alderman!
Do not wait! Call right now to stop the Mayor’s property tax increase. Here’s three reasons why:
- Property taxes have increased every year for the last 30 years and have more than doubled over the last decade
- Property tax increases have now caused delinquencies in some neighborhoods to skyrocket between 10-15%
- Chicago is already facing a housing affordability crisis – median home prices have jumped over 20% in only a few years
