The high property tax rates are across Cook County, not just in Chicago. Commercial property taxes increased for businesses in Ford Heights by 42 percent. Once a hub for transportation and industry, Ford Heights has become an opportunity desert, burdened by a staggering 19.19 percent effective commercial property tax rate in 2019. The median effective commercial property tax rate in Cook County that year was 8.26 percent.
The effective tax rate is much higher than the state amount. The property value is being hit big time. The principal value is now much lower because of the high tax rate. It is a double whammy.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The effective tax rate is much higher than the state amount. The property value is being hit big time. The principal value is now much lower because of the high tax rate. It is a double whammy.