Why pay property taxes?
Homeowners pay property taxes to help fund governmental services, schools, and municipalities.
In Cook County, property taxes are assessed and collected through the Treasurer’s Office.
When are property taxes paid?
Property taxes are due twice a year, typically at the beginning of March and the beginning of August. Your property tax payment may be automatically paid by your mortgage servicer using funds from your monthly home loan payment that are deposited into your escrow account.
How does Cook County calculate property taxes?Taxes are calculated based on the following formula:
Assessed Value X Equalization Factor X Tax Rate = Tax Liability
While the above formula is utilized to calculate your raw tax, various exemptions such as the homeowner, Senior Citizen, and Senior Freeze can significantly reduce your tax liability.
What is an Assessed Value (AV)?The assessed value is used to determine the value of a property for tax purposes. For residential properties, the assessed value is 10% of the estimated fair market value.
How does the Assessor determine your Fair Market Value (FMV)?Generally, the Assessor evaluates recent sales transactions of similar properties in your neighborhood. The Assessor relies on an algorithmic formula that makes necessary adjustments for property characteristics such as age, construction type, size and other relevant factors. Unfortunately, because of the large number of properties in Cook County, it is difficult for the Assessor to accurately value all properties.
What is the tax rate in Cook County?The tax rate is a variable in the tax formula applied to your assessed value with the intent to produce the revenue required to meet your local government's budget.
What is the equalization factor?The equalization factor is a constant of the tax formula applied by the Illinois Department of Revenue to ensure state-wide uniformity of property values.
What is an exemption?An exemption is a relief the Assessor grants to qualifying homeowners and properties. Examples of potential exemptions include Senior Citizen, Homeowner, Disabled Veteran, and Disabled Person. For further details on qualifications visit the Assessor’s Office website.
What is a reassessment year?State law requires properties in Cook County to be assessed once every three years 35 ILCS 200/9-220(b).
- 2018 - Chicago
- 2019 - Northern Suburbs
- 2020 - Southern Suburbs