The village lost more than $1 million, or 15.8 percent, of its assessed value.Įach of those suburbs have tax rates that are three to four times higher than they are in the city. In tiny Phoenix, 48 homes came off the tax rolls. The town lost $13.3 million, or 11 percent, of its assessed value in the Cook County portion of the village. In Park Forest, 271 homes came off the tax rolls. In all, Harvey lost $12 million, or 5.6 percent, of its assessed value. Hardest hit was Harvey, where 700 homes came off the tax rolls, bringing the total number of homeowners who don’t have to pay taxes to 1,030, according to the clerk’s office. In all, County Treasurer Maria Pappas returned $19.5 million to about 53,000 homeowners.
That meant tens of thousands of homeowners across the county were given tax refunds earlier this month because they already had paid the first installment of their tax bill in March. Homeowners no longer had to pay any tax if their property was assessed at a market value of $60,755 or less - which translates to an equalized assessed value of $18,000 - and they were getting both the homeowners and senior homeowners exemptions. The most visible effect of higher exemptions was that thousands of homes came off the tax rolls entirely because the value of the increased exemptions was greater than each home’s value as calculated for tax purposes. From Dolton on the north end to Sauk Village on the county’s southern end, 31 towns lost between 5 and 16 percent of their equalized assessed value. Similarly situated Glencoe saw a 0.9 percent drop.īut the effect of the tax breaks was particularly dramatic in the south suburbs and a few west suburbs where home values tend to be lower and there are not as many businesses. In River Forest, which boasts many high-priced homes, it was 1.9 percent.
In Evanston, the figure was 2.2 percent, while in Schaumburg it was 2.2 percent. A Tribune analysis of county clerk data found that in Chicago, just 1.9 percent of the assessed value was lost.
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