2014 Property Tax Rates

in Cook County, Illinois

Clerk David Orr
Cook County, Illinois June 18, 2015

2014 Property Tax Rates

How tax rates are calculated
2014 property tax rates

Factors affecting 2014 tax rates

Impact on taxing districts

Impact on homeowners

Calculating Tax Rates

Taxing districts submit levy requests
to Clerk
Over 1,400 taxing districts

Clerk reduces levies in compliance

with statute
Rate ceiling of individual funds
Total levy increase limited by CPI
(inflation)

Final Reduced Levy Total Value = Tax Rate

2014 Average Changes of

Property Tax Rates
City of
Chicago

Northern
Suburbs

Southern
Suburbs

-0.3%

+1.0%

+5.0%

Factors Affecting 2014 Rates

Total tax increased 2.16%
Equalized Assessed Value
increased 1.82%

Equalization factor up 2.4%

Assessments vary by district

Cook County EAVs 1994 to 2014

$180,000,000,000

$160,000,000,000

$140,000,000,000

$120,000,000,000

$100,000,000,000

$80,000,000,000

$60,000,000,000

$40,000,000,000

$20,000,000,000

$0

2014 Cook County EAV

$128,210,547,191
Percent difference
from 2013
+1.82%

2014 Equalized Assessed Values (EAVs)

+ 4%
$60,000,000,000

$50,000,000,000

+ 1.4%

$40,000,000,000

$30,000,000,000

-3.2%
$20,000,000,000

$10,000,000,000

$0
South Suburban EAV

Chicago EAV
TY 2013

North Suburban EAV

TY 2014

Typical District EAV compared to Tax Rate

2.9000
195
2.7000
175

EAV (in millions)

2.5000
155
2.3000
135
2.1000

115
1.9000

95

1.7000

75

1.5000

District EAV

Rate

Typical District EAV compared to Extension

$215,000,000

$4,000,000

$195,000,000
$3,500,000
$175,000,000

$3,000,000

$155,000,000

$135,000,000

$2,500,000

$115,000,000
$2,000,000
$95,000,000

$75,000,000

$1,500,000

District EAV

Total Extension

City of Chicagos Near South TIF Expired

TIF adopted in 1990

Collected ~ $638M total
Collected ~ $65M in 2013
Almost $1B in incremental
EAV returned to taxing
districts

Highest and Lowest Suburban

Composite 2014 Tax Rates
Highest:
38.451%

Lowest:
7.150%

Market Value
Average Home
Ford Heights &
School District 169:
$26,500

Market Value
Average Home
Barrington
Unit School 220:
$320,000

Average Tax: $1,894

Average Tax: $5,735

Average City of Chicago Homeowner

2.8% Tax Increase
2013

2014

$198,810

$199,000

Average Tax Rate

6.83%

6.81%

Average Tax Amount

$3,237

$3,327

Average Market Value

Typical Taxpayer in City of Chicago

Board of
Education
53.76%

City of Chicago
School Bldg &
Improv Fund
2.14%

City of
Chicago
17.52%
Forest Preserve
District
1.01%
Cook
County
8.34%
City
Colleges
2.83%

Metropolitan Water
Reclamation Dist
6.32%

Chicago Park
District
6.10%

Chicago Library
Fund
1.97%

Average North Suburban Homeowner

2.4% Tax Increase
2013

2014

Average Market Value

$264,580

$263,000

Average Tax Rate

10.14%

10.23%

Average Tax Amount

$6,389

$6,544

Average South Suburban Homeowner

1.0% Tax Decrease
2013

2014

Average Market Value

$174,970

$163,000

Average Tax Rate

12.51%

13.05%

Average Tax Amount

$4,902

$4,850

Clerk David Orr

Cook County, Illinois June 18, 2015