Cook County’s Commercial Property Tax Shifts: A Closer Look at the 2023 Pay 2024 Adjustments

The Cook County, Illinois 2023 second installment tax bills have been issued and are due for payment August 1, 2024. Homeowners in the south and southwest suburbs, which were reassessed in 2023, will pay significantly more in property taxes as the median bill increased approximately 20% according to an analysis by the Cook County Treasurer’s Office. The primary reason the south and southwest suburban homeowners are paying more in property taxes is that the commercial property values dropped. Total taxes for the south residential properties rose 15.6% while commercial property taxes in the same area dropped 7.8%.

2024 is the triennial reassessment year for the City of Chicago. With the poor performance of commercial properties in Chicago, driven by the office building sector, it will be interesting to see if there is a shift in Chicago property taxes from commercial to residential, like the Cook County southern suburbs.

The local experts at Ryan in Cook County will continue to monitor the impact on property taxes. Reach out to one of our experts if you have any questions.