When Does a Condo Building’s Property Taxes Go Up in Chicago?

In Chicago, property taxes for condominium buildings, like other types of real estate properties, can go up due to several factors. The Cook County Assessor’s Office reassesses properties once every three years. Just like owners of single-family homes, it’s the owners themselves who are responsible for paying property taxes, not the HOA.

Below are some common reasons why a condo building’s property taxes might increase. To learn more, be sure to check out the extensive FAQ page on Cook County’s website. 

Factors that Influence Property Tax Amounts in Chicago
  • An assessment increase: Property taxes are based on the assessed value of the property. If the Cook County Assessor’s Office determines that the assessed value of the condo building has increased, the property taxes are likely to go up. Assessments can increase due to factors such as rising property values in the area or improvements made to the building.
  • Changes to local tax rates: Property tax rates in Chicago 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. If these exemptions are reduced or eliminated, property taxes could go up.
  • 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 influence property values, which in turn affect property taxes. If property values in the area increase, property taxes are likely to go up as well.

The overall tax amount for Chicago condo owners is based on the assessed value of the condo unit, and individual factors will impact the tax amount assessed. That means property taxes will vary from condo to condo and may even differ among individual units within the same HOA.

When buying property in an Illinois condo association, be sure to understand all your financial commitments including property taxes and HOA fees. To ask questions about living in an HOA community, get in touch with our team at First Community Management. We partner with more than 115 HOAs in the greater Chicago area and are here to help you and your association thrive.

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