Property taxes to go up

  

October 20, 2009 (CHICAGO) (WLS) -- Property tax bills will be showing up soon in mailboxes across Cook County, and homeowners should brace themselves for big increases.

How much the bill is going up varies from home to home. In the city of Chicago, property owners will see an average increase of more than 6 percent. Suburban homeowners will see an average increase of about 4 percent.

The increase is due to many factors, including a higher consumer price index set by the federal government.

Special tax referendums approved in the last election can also bump up tax rates.

Despite last year's housing market crash, the assessed property values for tax purposes have increased, mainly because of the gradual phase-out of a program to limit assessment increases.

"That seven percent homeowner exemption that started five years ago in the city, they are going from $26,000 value saved to $20,000 E.A.V. removed. That's going to make for an increase for homeowners," said Bill Vaselopulos, Cook Co. Dir. Of Tax Extension.

Tax bills will be due December 1st.

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