Nearly $2 billion in Cook County property taxes shifted from businesses to low-income homeowners, study finds
A study from the Cook County Treasurer's Office found nearly $2 billion in property taxes shifted from county businesses to the lowest income homeowners over just three years.
The study found property tax assessment appeals submitted by businesses in Cook County caused their collective tax bill to drop by $3.3 billion, while residential tax bills went up $1.9 billion.
The study also found the additional tax burden on homeowners fell mainly on low-income Black and Latin homeowners who make less than $50,000 a year, who contested their assessed values at a much lower rate than wealthier white homeowners.
Cook County Treasurer Maria Pappas said she has found that most homeowners are overwhelmed by the daily tasks in their lives and so taking actions like appealing your property assessment or taxes are simply not on their radar.
Pappas' office said the study suggests current efforts by the Assessor's Office and the Board of Review to standardize their methodology and share date could lead to fewer and smaller small business assessment reductions which could, in turn, reduce the shifts in the tax burden onto low-income homeowners.
Her office also suggests outreach to low-income homeowners so they have the knowledge and tools to appeal their assessments.
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