Chicago Homeowners Face the Largest Property Tax Increase in 30 Years

The median residential property tax bill in Chicago rose 16.7% for tax year 2024, the largest percentage increase in at least 30 years, according to a report from the Cook County Treasurer's office. Taxes increased for more than 1.2 million homes, roughly 80% of all Cook County homeowners.

Governor Tony Evers' budget maintains flat state aid to Wisconsin school districts, forcing local communities like Racine County to make up the difference through higher property taxes.

In Chicago, 80% of property taxes go toward its growing pension debt. Since 2014, the city's property tax levy has more than doubled, increasing from $860 million to $1.77 billion in 2024, with the main driver being the increase in pension costs for the city. Chicago's bond rating has been downgraded by Standard & Poor's to BBB, the same as Greece, just two grades above junk status. Each downgrade diverts more money from services to debt payments, deepening the cycle of rising costs and shrinking investment.

Since 1995, Cook County property taxes have gone up 181% from $6.8 billion to $19.2 billion, outpacing inflation by 48%. If property taxes had risen on pace with inflation, the 2024 levy would have been $13 billion rather than $19.2 billion.