Why the Cook County Property Tax Is So High. | Cook County Cook County property tax calculator
A Cook County ordinance mandates that taxpayers pay property taxes when they sell their home, but the tax is so high that it is a significant deterrent for many who live in neighborhoods with high home values.
And a recent report from the Cook Report found that the county’s property tax bill has grown by $2.5 billion since 2008, as more people are buying homes with cash rather than a mortgage.
In some cases, a property tax increase can result in higher property taxes for people in poorer neighborhoods who might be priced out of the market.
In other cases, it’s a boon to some middle-class residents who pay a larger portion of their income on the property tax.
In fact, Cook County’s property taxes are estimated to have grown at an average annual rate of 6.4 percent since 2008.
In a study from the Tax Policy Center, it found that homeowners in Cook County who paid a property-tax increase between 2008 and 2014 saw an increase in their taxes of more than $12,000.
It is unclear how many of these homeowners are actually paying a higher tax bill, but a survey of homeowners in a single-family home by the Tax Foundation found that 46 percent of homeowners paid no property taxes at all, and only 17 percent paid more than the required amount.