The Top 10 Chicagoland Suburbs with the Highest Property Tax Increases Recently!
As the Chicagoland area continues to grow and evolve, property taxes remain a key concern for many homeowners. In 2024, some south and southwest suburbs experienced substantial increases in property taxes, shifting more of the financial burden onto homeowners. This post explores the top 10 suburbs in the region with the highest recent tax increases, shedding light on the reasons behind these hikes and what it means for residents.
The Top 10 Suburbs with the Highest Tax Increases
Dixmoor: Homeowners in Dixmoor faced a staggering 122.44% median increase in property taxes, the highest in the Chicagoland area.
Phoenix: A close second, Phoenix residents saw a 106.86% median increase, making it one of the hardest-hit communities.
Calumet Park: Property taxes here jumped by 72.15%, placing it firmly in the top three.
Markham: This south suburb experienced a 72.20% median increase, bringing additional financial strain to its residents.
Park Forest: Known for its strong community ties, Park Forest residents saw a significant 55.99% median increase in their tax bills.
Thornton: Thornton's homeowners faced a 57.96% median increase, one of the largest in the region.
East Hazel Crest: Residents here experienced a 58.92% median increase in property taxes.
Hazel Crest: Property taxes in Hazel Crest rose by 39.04%, impacting local budgets significantly.
Glenwood: Glenwood homeowners encountered a 41.31% median increase in their property tax bills.
Burnham: Rounding out the top 10, Burnham residents experienced a 36.37% median increase.
What’s Behind the Increases?
These dramatic tax hikes are largely the result of recent property reassessments in Cook County, particularly in the south and southwest suburbs. The reassessments shifted a portion of the tax burden away from commercial properties, placing it more heavily on residential homeowners. This change has created the largest percentage increase in property tax bills in over 30 years for many of these areas.
The Impact on Homeowners
For residents in these suburbs, the increased tax burden can have significant financial implications. Higher taxes may force some homeowners to reassess their budgets or even consider moving to areas with lower tax rates. Additionally, the increased financial burden could influence real estate trends in the region, potentially impacting home values and market activity.
How to Stay Informed
If you live in the Chicagoland area, staying informed about property tax changes is crucial. You can:
Check the Cook County Treasurer’s website for updates on tax rates and payment options.
Review your property’s assessment with the local assessor’s office to ensure accuracy.
Consider appealing your property taxes if you believe your assessment is too high.
Final Thoughts
The recent tax hikes in these suburbs underscore the importance of understanding local tax policies and how they can affect homeowners. While these increases are challenging for many, they also highlight the need for greater transparency and communication between local governments and residents.
Whether you’re a current homeowner or looking to buy in the Chicagoland area, staying aware of property tax trends is essential to making informed decisions. If you have questions about how property taxes might impact your real estate plans, feel free to reach out—I’d be happy to help you navigate the market!
Sources
WTTW News
Cook County Treasurer
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