Given the regressivity of property taxes and Cook County government’s overreliance on them, it is fair to say property taxes are a delicate issue for Chicago residents. With billions in federal COVID money squandered and CPS schools’ insatiable appetite for an ever-increasing share of taxes growing exponentially, the burden of property taxes falling on residents, in particular middle-income families, and the poor, will worsen. Illinois residents surveyed in a recent poll cited taxes as the biggest reason for state and local population loss, with almost 50 percent of current residents saying they would leave the state if they could.
In Cook County, it is not simply the weight of overall taxes that is punishing residents, but it is also the confusion and unfairness of the whole system. Taxpayer anger is growing. Meanwhile, Cook County’s political power brokers are playing the blame game and are scrambling to do damage control with property tax relief measures. The gamesmanship is reflected in the finger pointing between County Board President Toni Preckwinkle and Cook County Assessor Fritz Kaegi over property tax billings and in the most recent efforts by the county to provide targeted relief for residents.
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notes on Madison’s 20.2% Property Tax increase (assessments are up 9.1%); 25k per student
