City property taxes rose 30% faster than in suburban Cook County from 2000 to 2019. Record inflation in 2022 will bring increases statewide in 2023.

While phasing in the tax impact of sharp increases in assessed value could help Cook County’s commercial property owners adjust, holding down property taxes requires reducing spending through public pension reform in Illinois.

Chicago homeowners are likely to see average property tax bills rise between $72 and $180 based on the city’s new budget. Higher taxes are driven by $47 billion in pension debt, but pension reform can change that.

Fiscal watchdog Truth in Accounting’s July 2021 report showed the Windy City’s pension-fueled debt rose by $2.3 billion from 2019 to 2020 despite receiving substantial federal aid during the pandemic.

Out of 150 cities, Chicago came in almost at the bottom when the quality of city services and the total budget per capita were ranked, confirming what most Chicagoans already knew.

Illinois again ranked second for highest property tax rates in the nation in 2021, behind only New Jersey.

Cook County’s first property tax payments are due March 2. In Chicago, property taxes have grown more than 3 times faster than inflation for 20 years.

A new report from government finance watchdog Truth in Accounting gave the Windy City an “F” for financial health. Chicago’s massive $36 billion net debt stems primarily from pensions.