Most Cook County property owners will get their tax bills by the weekend, and the increase may force them to leave their decades-old neighborhoods.
The fastest-gentrifying Chicago neighborhoods have skyrocketing property prices.
That’s excellent if you’re selling, awful if you’re renting, and incredibly bad if you’re struggling in a gentrifying neighborhood. This means the taxable value—and tax—will rise.
Moises Moreno Called Astronomical
Insiders think property prices’ soaring effects are genuine. “It’s life-or-death for many families,” Moreno added.
Moreno controls the Pilsen Alliance southwest of downtown. Latinos have lived in Pilsen for decades, but gentrification has increased.
More costly properties increase neighborhood value and taxes. Owners and tenants pay more.
“My property tax is too darn expensive,” Moreno stated.
Moreno said homeowners would notice the rise first and then renters on their next lease.
“We’re hearing it from homeowners and lifelong business owners,” Moreno added.
The Cook County Treasurer’s map colors the city’s highest property tax increases purple. Pink spots dropped the most.
Chicago’s Average Tax Bill Rose 8%
Pilsen’s Lower West Side neighborhood averaged a 46% surge. Another gentrifying Latino enclave, Avondale, saw a 27% increase.
Avondale’s new construction was evaluated. Its property tax bill is up 103 percent—$6,600 higher than last year.
“They’re becoming Lakeview and the lakefront,” said Cook County Treasurer Maria Pappas. They’re like New York’s SoHo.
Overpaying for renovations may backfire, according to Pappas. “Everybody thinks I’ve got to get out of here,” Pappas remarked. Some taxes are rising. Black communities shrink drastically.
Englewood is down 44% and West Garfield Park is down 45% from last year. The decreases may encourage investment in some places, but in Pilsen, they encourage eviction.
Also read: St Charles County Residents are Going to Face a Hike in Property tax
“It hurts because if you sell it, where do you go?” “Where are you after paying taxes?” Pappas. “Everything’s expensive here”.
Two Cities, One Question for Leaders
According to Moreno, mayoral candidates will be a major topic in the upcoming municipal elections. “We’d want to know where they stand and what pledges they can make to make sure the burden is lighter on working-class and middle-class people here in Chicago.”
Property prices and operations expenses are growing. This year, City Hall required $94 million more for operations, and Chicago Public Schools raised its tax levy by $114 million.