Calculating the exact property tax on a condo in Chicago can be complex, as it depends on various factors, including the assessed value of the property, local tax rates, and exemptions.
Here’s a general overview of how property taxes are calculated in Chicago:
First, the Cook County Assessor’s Office assesses the value of your property. This assessed value is a percentage of the estimated market value of your condo. Per the county’s website, the assessed value for residential properties in Cook County is 10% of the estimated market value.
Once the assessed value is determined, it is multiplied by the local tax rate. Tax rates can vary based on the specific area within Chicago and can include rates for schools, parks, municipalities, and other local entities. Each of these entities levies its own tax rate on your property.
There are also exemptions available in Chicago that can reduce the taxable value of your property. For example, the Homeowner Exemption is available to homeowners who live in their property. Seniors, veterans, and other qualifying groups may also be eligible for additional exemptions.
To calculate an estimated property tax value for your Chicago condo unit, you can use the following formula:
Property Tax = (Assessed Value × Local Tax Rate) – Exemptions
It’s important to note that property tax rates and exemptions can change. The Cook County Assessor’s Office reassesses condo properties every three years, and property tax bills are mailed twice a year. For Chicago residents, their first installment is due at the beginning of March. The first-installment property tax bill is exactly 55% percent of the previous year’s total tax amount. The second-installment property tax bill is mailed and due in late summer. This bill reflects new tax rates, levies, assessments, and any tax exemptions for which a property owner is qualified and has applied for.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.