Tuesday, October 27, 2009

Double-digit property tax increases in city of Chicago and Cook County suburbs

properties get reassessed on a rolling basis every three years and may not fully capture recent declines in property values.

phasing out of a state-authorized program implemented earlier this decade to soften the tax blow of then-soaring home values. North suburbs received those benefits before south suburbs, so now north suburbs are feeling the pain of the phaseout earlier as well.

consider the situation in Northlake, which straddles the dividing line between the north and south assessment zones. In the part of the town north of North Avenue, the median assessment is up 20.9 percent. But south of North Avenue, the median increase is 8.7 percent

Click on the following for more of the storyDouble-digit property tax increases in city, Cook County suburbs -- chicagotribune.com

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