PRESS RELEASE from the
ILLINOIS POLICY INSTITUTE

CONTACT: Rebecca Susmarski, (312) 607-4977

Commercial property taxes could increase by almost $2 billion if Amendment 1 passes
Cook County would face biggest property tax hikes

CHICAGO (Oct. 11, 2022) – With four weeks until the election, new research shows if a proposed constitutional amendment passes on the Nov. 8 ballot, many business owners would pay the price.

That’s according to original Illinois Policy Institute research that found commercial property owners can expect to see $1.8 billion in additional property tax hikes by 2026.

Institute experts predict the tax hikes would likely be even higher should voters pass Amendment 1 into law, given the amendment’s unprecedented provisions that don’t exist in any other state. Amendment 1 could also hinder lawmakers from proposing property tax reform or any other measures that could bring down costs for residential and commercial property owners.

How much could commercial property taxes rise?

• The bulk of the property tax increase – $1.6 billion – would occur in Cook County.
• Commercial properties on the South Side of Chicago could pay an estimated additional $10,179 in property taxes by 2026. Properties in central Chicago could pay nearly $100,000 in higher property taxes during the next four years.
• Statewide, commercial property tax bills are expected to total $11.3 billion during the next four years. In Cook County, commercial property tax bills are on pace to total $7.9 billion.

“Illinois businesses are already struggling, and Amendment 1 would cement the state’s reputation as a bad place for business. Especially because property taxes are already growing at egregious rates,” said Bryce Hill, director of fiscal and economic research at the nonpartisan Illinois Policy Institute. “Business owners and taxpayers need reforms that make it easy to operate in Illinois, not a new law that would lead to higher taxes.”

To read more about projected commercial property tax increases in Illinois, visit illin.is/taxes.

For bookings or interviews, contact Rebecca Susmarski at media@illinoispolicy.org or (312) 607-4977.