Cook County Board of Review bears a lot of blame for your home's property tax increase

Homeowners across Cook County are getting property tax bills they can’t afford, with some families on the South and West sides seeing their bills jump by double digits. Longtime residents are worried they’ll be priced out of neighborhoods they’ve called home for generations.

People are frustrated, and rightfully so. They know that they’re probably paying more than they should, and they’re right.

But here’s what most people don’t know: Your property taxes are higher than they should be because commissioners on the Cook County Board of Review keep handing out massive tax breaks to corporations, which shifts their tax burden onto homeowners like you.

It’s a two-step process. First, my office assesses each property. We use models and methods that we share online for everyone to see, we analyze the latest home sale data, we conduct field inspections to verify our work, and we use industry-standard methods to evaluate every property fairly. Independent studies have validated our work, and we’ve won numerous awards for our accuracy.

Next, the Board of Review hears appeals, disproportionately from commercial property owners, and they operate nothing like my office. They do not use consistent standards for appeals, they do not publish their methods, and studies show they are cutting commercial assessments too much. And when the most valuable commercial properties file an appeal, the Board of Review commissioners cut the assessment nine times out of 10 — often by a lot.

A 2024 county study proves it. After the commissioners finished processing appeals in the south suburbs, commercial properties were valued at just 76% of what they were worth. In the north suburbs, the commissioners undervalued commercial properties at only 72% of their market value. When these properties are under-assessed, homeowners make up the difference.

Just this year, the Board of Review commissioners cut commercial and industrial assessments in Chicago by more than $3.7 billion, while residential values were cut by only one-tenth that amount. Commercial property taxes dropped by more than 4% as a result, while homeowners saw their bills jump more than 16%, meaning the average family is paying $700 more than they should, with many families paying even more.

As families stretch their budgets to make ends meet, the hotels, warehouses, and industrial properties receiving these tax cuts remain incredibly profitable. These high-value properties are also more likely to appeal their taxes compared to homeowners, in part because they have no problem paying for a high-powered property tax lawyer. Making matters worse, these same lawyers often make political contributions to commissioners on the Board of Review who hear their appeals. The whole thing is rigged, and homeowners pay the price.

My office is doing what we’re supposed to do to make fair assessments, but our work is consistently undermined by the Board of Review.

Cook County needs to fix this system, and fast. Here’s how:

First, commercial assessments need to be reformed so properties are evaluated using consistent standards. The Board of Review should be using the valuation methods my office uses, with public formulas and data so everyone can trust that their decisions are fair and in line with the real estate market.

Second, homeowners need real protection from property tax spikes. For years, I’ve been pushing for “circuit breaker” legislation in Springfield that would cap how much your tax bill can increase in a single year. More than half of the states already have this protection, and it would have helped nearly 250,000 families when tax bills went out last month. Our state legislators should get this done when they return to Springfield in the new year.

Third, county officials who make decisions about property taxes should not be allowed to take campaign donations from the lawyers and real estate interests who appear before them, as the inspector general recommended a decade ago. I implemented this reform in my office on Day 1. But the same can't be said about the Board of Review commissioners. Cook County needs to ban these donations once and for all.

Property taxes are high in Cook County, and I understand why people are angry. I am, too. We can fix it, and that starts with making sure commercial properties and big corporations are paying what they actually owe.

Fritz Kaegi is the Cook County assessor.