Analysis: Property taxes rise in Chicago, but still lower than in Plainfield, Bolingbrook
The average City of Chicago homeowner saw a $110 per year increase in their property tax bill last year, according to a report by Cook County Clerk David Orr.
But Chicago property tax bills are still a fraction of what they are in suburban Plainfield and Bolingbrook.
A comparison of effective property tax rates for the first six months of 2018 found that homeowners in Plainfield and Bolingbrook are still paying more than one-third more than they would be if their home were within Chicago's city limits.
On a home valued at $250,000, a residential property tax bill would be $6,334 in Plainfield and $6,644 in Bolingbrook, versus $3,875 in Chicago.
Chicago's effective property tax rate is lower than all 23 northwest suburban communities studied, less than half what it is in Barrington Hills and Bartlett.
$17 billion suburban bailout
The analysis comes amidst angst over Illinois property tax bills, which have risen to more than twice the national average over the past two decades, eroding the home equity of longtime suburban Will County homeowners.
To blame: soaring local government spending, richer pensions, and higher City of Chicago spending, which has been subsidized by suburban taxpayers by way of Springfield.
Last summer, suburban legislators including State Rep. Natalie Manley (D-Bolingbrook) and State Rep. Stephanie Kifowit (D-Lockport) helped pass a bailout of Chicago Public Schools (CPS), which were insolvent after blowing their budgets 15 years straight, according to a Chicago City Wire analysis.
The bailout requires suburban and downstate taxpayers to raise property taxes and pay higher income taxes to pay CPS' more than $17 billion debt.
It also diverts money to CPS from northwest suburban school districts, all of which stand to lose according to an analysis of the bill published by the Illinois State Board of Education.
How do Will property taxes compare to Chicago?
The following table compares Will County communities based on how much property owners would pay on a $250,000 home. Effective tax rates were calculated using 2018 median sale prices and 2017 median tax bills.
|City||Effective Tax Rate||Tax bill on $250,000 home|
Source: Blockshopper.com; Will County Assessment Office