Cook County Clerk David Orr released new property tax rate figures yesterday.

And, if you can figure out how big your homeowners exemption will be, you might actually be able to calculate your new tax bill using the data Orr provides.

I’ve tried running the math several different ways, and I think I’m going to face a 7 percent increase in my bill. But the calculations are confusing enough that I have little confidence in the results I got … and your mileage almost certainly will vary.

Most Evanston homeowners saw big increases in the assessed valuation of their homes this year, but the state concluded that the reassessment still left the valuations lagging true values more than before, so it raised the equalization factor from 2.7076 to a record 2.8439.

On the plus side, bouyed by the higher valuations, tax rates declined — by 15.6 percent to 6.541 for most Evanston residents.

The homeowner’s exemption is supposed to limit the increase in the taxable value of a property to 7 percent each year, but it’s capped at $33,000 the first year and there’s enough mumbo jumbo in the rules to make your head spin.

Further increasing the pain this year is the reality that the value of many homes has declined since the assessment was done.

Look for the definitive answer to your “What’ll I have to pay?” question when tax bills hit your mailbox early next month.

The first payment at the new rates is due Nov. 3.

Related links

Clerk’s office news release

Tax rate report (.pdf from Clerk’s office)

Tax bills coming: Watch out (Pioneer Press)

Property tax bills won’t reflect drop in home values (Chicago Tribune)

Bill Smith is the editor and publisher of Evanston Now.

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1 Comment

  1. I recall when Illinois had a
    I recall when Illinois had a 4% sales tax and no income tax. Property taxes were also a much lighter burden. Now we are loaded down with a 10% sales tax, 3% income tax and crippling property taxes. And guess what? The parasitic public sector is still whining about a lack of funds for busybody bureaucrats to retire early after a hard “working” life of thievery and bossing us around.

    What have our selfless public servants to show for all that money stolen from us at gunpoint? Crappy schools, potholed roads, disintegrating infrastructure and armed thugs in blue costumes shaking down motorists to further fatten the already grotesquely obese public coffers.

    The economy is melting down as a result of monetary incompetence at the national level and fiscal greed at all levels. The fact that taxes are going up on property of declining value demonstrates that the lords have utter contempt for us serfs. Just as a fire can never have enough fuel, government can never have enough money.

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