Chicago property tax hike still in the cards as Mayor Brandon Johnson scrambles to finalize a '25 budget

December 10, 2024 5

Chicago home and business property owners increasingly look like they will see a double-pronged property tax hike on their 2024 bills. 

The County completed its reassessment of city property for taxes this month, with the average assessment across all property types increasing 28.75%. Hyde Park Township property saw the highest property tax assessment hike as a percentage, at 38% up, and Jefferson Township the lowest, at 24%. This means the County believes, over the past three years, the average property in Chicago saw its market value swell by a quarter, at minimum. 

With Brandon Johson now looking to employ property taxes to shore up his 2025 budget proposal, there's a possibility rates will go up alongside assessments. 

Johnson originally proposed to increase property taxes by some $300 million before the city council handed him a humiliating 50 to 0 "no" vote. The proposal marked a direct break with Johnson's campaign pledge not to raise property taxes in his first term as mayor. 

Media reports calculated the hike of an average Chicago property tax bill at 4.8% under the proposal but largely neglected to mention the concurrent reassessment. Of the two developments, the reassessment will prove the more dramatic upward pull on tax bills. 

On Tuesday, the city Finance Committee narrowly passed a revised proposal with a $68.5 million property tax increase by 14 to 12. The new proposal offers no cuts to the original $17.3 billion budget. Rather, it adds a laundry list of new fines, fees, and taxes to generate the needed revenue. The City Council Budget Committee also later approved of portions of the plan in another narrow 17 to 16 vote.

Critics say the mayor should have taken a hint after the 50 to 0 vote and started cutting. The budget now heads to the City Council for a vote. The Council must approve of a budget proposal within three weeks or a city shutdown will take effect.  

About half of Chicago is still open for 2024 property tax assessment appeals at the Board of Review, and owners should "Check Your Savings" using our property tax calculator to ensure their upcoming bills could not be lower.