16: Property Taxes

Both owners and tenants pay taxes on the properties in which they live and work. Taxes are based on the value of the property, as determined by the Cook County Assessor’s Office.

In Illinois, property taxes are the primary source of income for the state, counties, cities and other taxing districts (i.e. schools, fire department, etc.) to pay for community services. For this reason, property taxes are taken very seriously. The consequences for not paying them will not only harm you personally, but will leave your community without the necessary resources to operate efficiently.

This chapter explores how the tax process works, including:

• Property tax information for tenants vs. owners;
• Understanding the tax cycle;
• When and how property is assessed for taxation;
• How property taxes are calculated;
• Consequences of paying or not paying your taxes; and
• Property tax exemptions for nonprofit organizations. 

The following individuals and/or organizations contributed to the content of this chapter: Adam E. Bossov, Esq., Law Offices of Adam E. Bossov, PC; Maria Rizzetto, Cook County Assessor’s Office; and Shannon Wheeler, Chicago Department of Housing (Intern).