Chicago Real EstateIllinois Real Estate

How do Property Taxes Work in Chicago?

In life, one thing is for certain and that is taxes.  It’s important to understand the different types of taxes that accompany your everyday lifestyle purchases.  With that said, in the real estate market- property taxes are ever changing and vary depending on where you reside.  In Chicago, property taxes are an ongoing influx of adjustments made on a year-to-year basis.  If you are interested in owning or selling real estate, understanding the fine print of property taxes is a must.  At the Chicago Real Estate Institute, we are able to offer all the crucial knowledge that is needed to not only acquire independence in the field, but also gain independence and hit the market head on by becoming a licensed broker.  With flexible class schedules to fit to anyone’s lifestyle, expand your expertise with the help of our industry leaders who can guide you in the path to success in real estate.

Cook County has the means to impose taxation on whatever they ought and however they must.  Foundationally basing the budget on commercial residential realty on what they believe it is worth and building off of that.  This is at a high-risk due to the potential of land depreciation overtime due to the cause of taxation rising.  It can be a vicious cycle if not regulated at a correct and monitored standard.

Chicago property taxes are leveraged without limitation. 

In 2019, Chicago property taxes escalated at a whopping 4.1% in comparison to the previous year.  The preliminary calculation of property taxes is best summarized as the city’s approximated leverage of equitable retail value.  From there, it can then increase or decrease depending on the county.

There is a lot that is taken into consideration and manageable efforts to fully conceptualize the inflation and uncertain fluctuation that creates property tax charges in Chicago.  When entering the market as a buyer, it’s crucial to not forget the additional spend that will tag along with your new dream home.  Hence, collective value of expertise comprehension of the field before committing to a property and becoming a licensed broker. 

Located in the Northside neighborhood of Lincoln Park at 2711 N. Halsted, we are easily accessible to the CTA Red and Brown line stops.  Feel free to stop in or give us a call at (773) 880-7400 to learn more about getting licensed, course schedules, pricing, and much more.