Heads Up, Chicago Homeowners: 2023 Property Tax Bills and 2024 Reassessment News!

Hi everyone!

I’m here with a quick reminder and to keep you informed about important property tax details. Here’s a quick breakdown of two key things to know:

1. 1st Installment 2023 Property Tax Bills:

  • Due Date: Friday, March 1, 2024
  • Amount: Represents 55% of your previous year’s total tax bill.
  • Important Note: This amount may not reflect potential adjustments from pending tax appeals or the upcoming reassessment explained below.

2. There is a Reassessment for 2024 for Parts of Chicago:

  • Affected Townships: Jefferson, Hyde Park, Lake, Lakeview, North Chicago, Rogers Park, South Chicago, and West Chicago.
  • Impact: Property values in these areas will be re-evaluated for the 2024 tax year, potentially leading to adjustments on your 2025 2nd installment tax bill.
  • Timeline: Reassessment notices will be mailed by the Assessor starting March 2024 and continuing through the fall.

What does this mean for you?

  • Pay your 1st installment 2023 bill by March 1st to avoid penalties.
  • Keep an eye out for a reassessment notice from March onward if you reside in one of the listed townships.
  • Understand that your 2025 2nd installment tax bill might be different due to the reassessment results.

Additional Resources:

I hope this information is helpful! As always, ALWAYS refer to your attorney or tax specialist for more in-depth information on your specific property taxes or the upcoming reassessment.

Remember, I’m always here to be your trusted resource for all things real estate!



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