'I was disgusted': Pilsen property owners brace for tax rate increased by 46%

CHICAGO (CBS) -- Ready or not, the first installment for property tax bills in Cook County are due by midnight.

This follows months of protests and pushback from homeowners in Pilsen, who said they were blindsided by tax hikes.

So what does the future hold especially for those who can't afford their new assessments? CBS 2's Andrew Ramos went looking for answers.

It's a financial hit homeowners in Pilsen are still trying to wrap their heads around.

"There was panic. There was a lot of anger," said Moises Moreno of Pilsen Alliance.

When new tax assessments went out across Cook County, an increase was expected, but the tsunami it came with - was not.

"I was disgusted. For me, I thought it was a mistake," said Pilsen property owner Malik Bader.

The average Chicago bill went up 8% but in Pilsen bills went up an average of 46%. After rallying and even holding two forums with the Cook County Tax Assessor, Fritz Kaegi not much has changed.

And those appeals, the assessor urged everyone to file, have been submitted and in some cases denied.

Nas and Malik Bader, brothers and Pilsen natives who own seven properties across the city, with a majority in Pilsen, saw their property tax bills collectively balloon nearly $120,000.

They are now placed in a difficult position of raising rent on some of their long-time tenants.

"If there is $1 million house across the street, my taxes should not be based on that house across the street. My tenants haven't changed. My building is the same," Bader said.

"We were telling community members to brace themselves."

Moises Moreno, Executive Director of the Pilsen Alliance, started working on a solution more than two years ago, looping in legislators for a long-term fix. Something that has not yet materialized.

"There are a lot of ideas from property tax caps, maybe restructure the formula," Moreno said. 

"He is the assessor. He has to accept responsibility," Moreno said.

While the assessor's office would not say if there was a long-term solution on the table, a spokesperson told CBS 2 the office has joined a property tax reform "think tank" being led by community organizations in Pilsen.

The Cook County Assessor's Office is reminding homeowners applications for property tax exemptions will be released on April 10.