Please be advised that the Cook County Clerk has released the final 2012 tax rates for Cook County. Unfortunately, the rates for many areas, including the City of Chicago, have increased significantly.
The City of Chicago’s effective tax rate increase is approximately 10.7%. Chicago’s rate increase is significant and largely unprecedented for a reassessment year. The substantial rate increase is primarily due to increases in the Chicago Public Schools’ general levy (3.4%) and bond levy (6.5%). In stark contrast, other major taxing districts (the City of Chicago, Chicago Park District, and City Colleges of Chicago) sought levies that were consistent with their 2011 rates which is more normative for a reassessment year.
Accurate forecasting of property tax liabilities requires that trends in annual levies have some consistency. The 2012 levies, in many instances, are anomalies from historic trends and will likely produce 2012 tax liabilities that exceed our tax projections.
The certified 2012 tax rates will be used to calculate the 2012 Second Installment tax bills, which must be paid by August 1, 2013.
For more information on this topic, please contact at +1 312 701 7609, at +1 312 701 7787, at +1 312 701 7750, at +1 312 701 7627, or the member of our Real Estate practice with whom you regularly work.
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