Property values are declining throughout the Cook County suburban areas, but property owners should not expect lower bills; rather, they can anticipate higher bills, as government bodies are raising taxes to shore up budget deficits.
According to a detailed list of Cook County tax rates that was released by Cook County Clerk David Orr, rates will increase for schools, park districts, municipalities and other government wings, in some cases by double-digits.
Bill Vaselopoulos, the manager of tax extension for the Cook County Clerk’s Office, said lowered property assessments could drive taxes even higher. This year, 380,000 property assessments were appealed, down from 430,000 last year.
Vaselopoulos also said the North and Northwest suburbs were reassessed this year for the first time three years using property data from 2008, 2009 and 2010. The new assessment, therefore, represents the first assessment using all recession-era data.