Property taxes in Cook County can feel confusing. If you are buying or selling in Chicago or the nearby suburbs, you want a clear path through assessments, exemptions, equalization, and appeals. This guide breaks down how your bill is built and what you can do to manage it. Let’s dive in.
Who does what
Understanding the roles helps you find answers fast.
- Cook County Assessor: Sets assessed values and manages exemptions. Use the Assessor for property records and exemption applications. Visit the Cook County Assessor’s Office.
- Cook County Board of Review: Hears formal appeals after the Assessor issues notices. Deadlines vary by township. See the Cook County Board of Review.
- Cook County Treasurer: Prepares, mails, and collects property tax bills and manages payments and refunds. Go to the Cook County Treasurer.
- Cook County Clerk: Compiles rates from all taxing districts and provides district information and maps. Check the Cook County Clerk.
- Illinois Department of Revenue: Sets the equalization factor to keep assessment levels uniform statewide. Learn more from the Illinois Department of Revenue.
- Illinois Property Tax Appeal Board (PTAB): State-level appeal after the Board of Review. See the Illinois Property Tax Appeal Board.
How your tax is calculated
Here is the general flow from value to bill:
- Market value: An estimate of what your property would sell for.
- Assessed value: The Assessor applies a statutory fraction or class rate to market value. This is not the same as market value.
- Exemptions: Eligible exemptions reduce the assessed value used to compute taxes.
- Equalized Assessed Value (EAV): The state may apply an equalization factor so assessments are uniform. EAV is the value used to calculate taxes.
- Tax rate: Local taxing districts set levies. The combined tax rate equals the total levies divided by the total EAV in the district.
- Tax bill: Your annual tax equals your taxable EAV multiplied by the combined rate. Bills are usually issued in two installments.
Equalization explained
Equalization helps keep assessment levels consistent across Illinois. The Illinois Department of Revenue sets a multiplier that is applied to assessed values to create EAV. This does not change your market value. It standardizes assessments before rates are applied.
Exemptions that lower your bill
Exemptions reduce your taxable base. Eligibility and amounts can change, so verify details on the Assessor’s site.
- Homeowner (General Homestead): For owner-occupied homes.
- Senior Citizen: For owners who meet age requirements.
- Senior Freeze: Freezes assessed value for qualifying seniors with income limits.
- Disabled Persons and Disabled Veterans: Reductions for qualifying disabilities or service-connected disabilities.
- Returning Veterans and other targeted programs: Additional reductions for eligible groups.
These exemptions can meaningfully reduce taxes, especially in higher-rate areas. Many require an application and some renew automatically depending on program rules.
Example: a Chicago single-family home
The numbers below are illustrative to show how the math works. Always check your parcel’s actual assessed value, exemptions, equalization factor, and local rate on official sites.
Assumptions for example only:
- Market value: $400,000
- Assessed value ratio: 33.33 percent of market value → $133,333
- Homeowner exemption: reduces assessed value by $10,000 → $123,333
- Equalization: Applied to create EAV (concept shown, not a specific multiplier)
- Combined tax rate: 2.0 percent
Result using these simplified assumptions:
- Annual tax ≈ $123,333 × 0.02 = $2,466
- Monthly budgeting estimate ≈ $206
Small changes in assessment, exemptions, equalization, or the combined rate can shift the annual number. Use your latest bill and district data for precision.
Appeals and timelines
If you believe your assessed value is too high, you have options. Start by reviewing your property record for errors, then consider a formal appeal.
- Step 1: Review with the Assessor. Confirm square footage, condition, and characteristics. Provide photos or documents if something is incorrect.
- Step 2: File with the Board of Review. Submit evidence such as recent comparable sales or an appraisal. Deadlines are posted by township each year by the Cook County Board of Review.
- Step 3: Appeal to PTAB. If you remain dissatisfied, you can take your case to the Illinois Property Tax Appeal Board. Some matters can also go to circuit court.
Tip: Appeals windows are short. Mark your township’s calendar and file on time. If an appeal reduces taxes for the year, a refund may be issued based on who paid and what your closing agreement says.
Buyer and seller checklists
For buyers
- Get the most recent tax bills from the seller and review exemptions.
- Ask if any appeals are pending and who receives potential refunds.
- Budget using a conservative estimate and confirm the taxing districts.
- Understand how exemptions could change after you move in.
For sellers
- Gather recent bills and exemption records for buyers.
- If you filed an appeal, document status and discuss refund handling.
- Expect pricing conversations to factor in perceived tax levels.
For both
- Two similar homes can have different taxes if they are in different taxing districts.
- Clarify how taxes will be prorated at closing in the purchase agreement.
Where to go next
- Look up your property and exemptions at the Cook County Assessor’s Office.
- Check appeal windows and file online at the Cook County Board of Review.
- Review bills, payment options, and refunds with the Cook County Treasurer.
If you want a simple walk-through tailored to your address and timeline, reach out to Timothy Good. Our team helps you review bills, plan for escrow, and navigate appeals alongside your purchase or sale.
FAQs
How often are properties reassessed in Cook County?
- The Assessor updates values on a cycle by area and property class. Check the Assessor’s site for your neighborhood’s schedule.
What is the equalization factor on my tax bill?
- It is a multiplier set by the state to keep assessment levels uniform across counties. It converts assessed value to Equalized Assessed Value before rates are applied.
Do exemptions transfer when I buy a home in Chicago?
- Exemptions are tied to eligibility and often require an application. Review current rules and file with the Assessor after closing if you qualify.
Will a successful appeal lower my future taxes automatically?
- An appeal adjusts the tax year in question. Future years depend on reassessments, exemptions, and changes in local levies.
Who pays property taxes at closing in Cook County?
- Taxes are typically prorated between buyer and seller based on the period of ownership and contract terms. Confirm details with your closing agent or attorney.
