Just like owners of single-family homes, condo owners must also pay taxes on their unit’s assessed amount. Here in Chicago, the Cook County Assessor’s Office reassesses properties once every three years. You can find the schedule for your property here.
Property tax amounts for condo owners in Chicago are calculated based on the assessed value of the property and the applicable tax rate. Very rarely do taxes go down. Here are some factors that can influence the amount individual condo owners will owe in property taxes:
- Changes to local tax rates – Property tax rates in Illinois can change based on the budgetary needs of local government entities. If these entities increase their tax rates, it can lead to higher property taxes for condo buildings.
- Changes to exemptions and incentives – Changes in property tax exemptions or incentives, such as the homeowner’s exemption or senior citizen exemption, can affect the property taxes for condo units.
- Improvements to infrastructure – If the local government undertakes infrastructure improvements in the neighborhood, such as road repairs or public transportation upgrades, it can lead to increased property taxes to fund these projects.
- Market conditions – Economic factors and market conditions can also influence property values. If property values in the area increase, including the assessed value of your condo unit, property taxes will go up as well.
Who Pays Taxes on a Condo Unit?
Individual condo owners are responsible for paying their property taxes. The payment is not included as part of the HOA’s assessments. One caveat is in instances where shared amenities or common areas within the condo community require additional taxation. When the HOA as a whole must pay property taxes for its common amenities, then this taxation amount may be included in the association’s fees.
Another thing worth noting is that the overall tax amount for Chicago condo owners is based on the assessed value of the individual condo unit. That means property taxes will vary from condo to condo and may even differ among individual units within the same HOA.
To get the most accurate and up-to-date information on property taxes for your specific condo in Chicago, you should contact the Cook County Assessor’s Office. We can also help advise you on property tax information for condo owners. Contact us at First Community Management to ask your questions.