Heads Up, Chicago Homeowners: 2023 Property Tax Bills and 2024 Reassessment News!
Hi everyone!
I’m here with a quick reminder and to keep you informed about important property tax details. Here’s a quick breakdown of two key things to know:
1. 1st Installment 2023 Property Tax Bills:
- Due Date: Friday, March 1, 2024
- Amount: Represents 55% of your previous year’s total tax bill.
- Important Note: This amount may not reflect potential adjustments from pending tax appeals or the upcoming reassessment explained below.
2. There is a Reassessment for 2024 for Parts of Chicago:
- Affected Townships: Jefferson, Hyde Park, Lake, Lakeview, North Chicago, Rogers Park, South Chicago, and West Chicago.
- Impact: Property values in these areas will be re-evaluated for the 2024 tax year, potentially leading to adjustments on your 2025 2nd installment tax bill.
- Timeline: Reassessment notices will be mailed by the Assessor starting March 2024 and continuing through the fall.
What does this mean for you?
- Pay your 1st installment 2023 bill by March 1st to avoid penalties.
- Keep an eye out for a reassessment notice from March onward if you reside in one of the listed townships.
- Understand that your 2025 2nd installment tax bill might be different due to the reassessment results.
Additional Resources:
- Cook County Treasurer’s Office: https://www.cookcountytreasurer.com/
- Chicago Assessor’s Office: https://www.cookcountyassessor.com/
I hope this information is helpful! As always, ALWAYS refer to your attorney or tax specialist for more in-depth information on your specific property taxes or the upcoming reassessment.
Remember, I’m always here to be your trusted resource for all things real estate!
Sincerely,
Ivona
P.S. Share this blog with your friends and neighbors who might find it useful!