Illinois homeowners gets over $10,000 property tax bills while retail giants receive big breaks

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Cook County, Illinois, known for its vibrant role on CBS’s “The Good Wife,” is now making headlines for a different reason—soaring property taxes. FOX 32 Chicago has uncovered a growing controversy as homeowners are slapped with sky-high property tax bills, some surpassing $10,000, while retail giants like Walmart and Home Depot enjoy substantial tax breaks.

Take Clarence Covington, for example. The Madison, Illinois resident’s property tax bill has ballooned to a staggering $11,029.41. Covington’s frustration is palpable: ‘They need to stop targeting the middle class and the poor,’ he told FOX 32. ‘Let the rich and the 1% start paying their fair share of taxes. It’s draining us ... It’s no wonder so many people are moving out of Illinois.’

The issue is multifaceted. Reports reveal that a third of Cook County’s nearly two million properties are missing tax exemptions, such as those for seniors and veterans. Some residents suspect their properties were reassessed inaccurately, leading to inflated bills.

Cook County Assessor Fritz Kaegi provides a different perspective. He argues that homeowners’ tax bills have surged because commercial property taxes have been slashed. ‘The Cook County Board of Review reduced assessments of commercial properties by $1 billion,’ Kaegi explained. This reduction has drastically cut the tax bills for companies like Walmart and Home Depot, and homeowners are now shouldering the financial shortfall.

For instance, a Walmart in Cicero, Illinois, saw its tax bill slashed by a whopping $250,000. Similarly, Home Depot in Calumet City received a $370,000 reduction. ‘That’s basically the size of several hundreds of people’s tax increases in Cicero,’ Kaegi pointed out.

This redistribution of the tax burden has understandably left many Cook County residents feeling outraged. But there’s a glimmer of hope for those struggling with steep tax bills. FOX 32 highlights that homeowners who don’t qualify for automatic exemptions can request a reassessment of their property. This could potentially lower their property tax bill, especially if there were errors in the initial assessment.

The Cook County Board of Review has been inundated with appeals—over 240,000 last tax cycle alone. ‘There were thousands of errors on land values that the Assessor’s not talking about,’ said George Cardenas, Commissioner of the Cook County Board of Review. ‘The Board of Review has a responsibility to correct assessments.’

So, if you’re a Cook County homeowner feeling the pinch of inflated property taxes, it might be worth your time to investigate a reassessment. In these turbulent times, every bit of relief counts.

What are your thoughts on the recent tax increases and commercial property tax cuts? Share your comments below and let’s discuss potential solutions for this pressing issue.