When Property Tax Bill Leaps, Reasons Can Be Complicated
CHICAGO (WBBM) - It's time for property tax bills in Cook County, and there are a number of angry residents upset and confused with what they're being told they have to pay.
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When the economy turned, housing prices went down, and last year many Cook County residents saw new assessments and values were reduced in many neighborhoods.
So why now are many seeing higher property tax bills? The increases, according to the Sun Times, sometimes about to as much as 19 percent.
The assessment is only part of the formula.
Another is local governments, the towns that have police and fire and schools to fund. When the town tax levies change, bills go up.
And then there's the complicated state multiplier, a figure applied by the Illinois Department of Revenue that can more than triple the tax value of a property.
Also, there are exemptions that extend a break to some homeowners and none to others.
Cook County property taxes are due December 13th.
