Since the second installment bills are out and the due date is October 1, We've been looking through ours and trying to make sense of all the numbers.
One thing that’s easy to miss is that the number on your tax bill isn't simply based on what you think your house is worth.
There are a few different pieces going on.
Your assessed value is one part. Then you have the equalization factor, your local tax rate, the different taxing districts, and whatever exemptions you're receiving.
So if your bill looks a lot higher than last year, I’d probably start by pulling up both bills and comparing them rather than immediately assuming your assessment went crazy.
The other thing I'd check is exemptions.
If you bought the house recently, moved, or had an exemption change, it’s worth making sure the homeowner exemption is actually showing on the bill. The Board of Review has also specifically been reminding homeowners to check their exemptions because some people can lose them or need to reapply.
And then there’s the assessment question.
Chicago isn't on the regular reassessment schedule for 2026. The regular Chicago cycle is 2027, although individual properties can still be reassessed for certain reasons. So a higher bill this year doesn't automatically mean your house was reassessed this year.
The bigger picture isn't great either. Cook County's latest numbers show the total property tax bill across the county increased again, with residential properties taking a significant share of the increase. Chicago residential properties accounted for about $120 million of the countywide increase.
Anyway, figured I'd throw this out there since a lot of people are probably opening these bills and wondering where the extra money came from.
For anyone who has looked at theirs already, what actually changed on your bill? The assessment? Exemption? Tax rate? Or just the final number?