Cook County Property Taxes Explained For Chicago Owners

Property taxes in Cook County can feel confusing, especially if you own or plan to buy a condo in the Loop. You want a clear picture of how your bill is calculated, when to expect it, and how exemptions might lower what you pay. This guide breaks everything down in plain language so you can plan your monthly budget and make stronger decisions when you list or write an offer. Let’s dive in.

How Cook County property taxes work

Cook County calculates property taxes through a series of steps. First, your condo’s market value is estimated by the Assessor. Then that value is converted to an assessed value using the residential assessment level. For most Class 2 residential properties, the statutory assessment level is 10 percent of market value.

Remember, assessed value is not the same as the tax bill. After assessed value is set, equalization factors, exemptions, and local tax rates come into play.

From value to your bill

Here is the basic flow you should know:

• Market value: What your condo would likely sell for on the assessment date.
• Assessed value: For most residential condos, this is 10 percent of market value.
• Equalized Assessed Value (EAV): Assessed value multiplied by an equalization factor so values are consistent across jurisdictions.
• Exemptions: Programs like homeowner, senior, disabled, or veteran can reduce your EAV.
• Tax rate: Multiple local taxing bodies set levies that create a combined rate applied to your taxable EAV.
• Final bill: Taxable EAV multiplied by the combined tax rate equals your annual tax due, plus any special assessments or fees.

If you want to see how the county sets values, visit the Cook County Assessor for methodology, schedules, and appeals information.

Why 60602 condo owners care

Downtown condos vary widely by building, view, and size. Two similar units can carry very different property tax outcomes depending on assessed value and whether a homeowner exemption is in place. These differences can change your monthly cash flow and your mortgage escrow.

Reassessments, appeals, and exemptions

The Assessor periodically updates values based on local sales and market trends. Reassessments can push values up or down depending on the building and the broader market. Timing varies by township and year, so check the latest calendars and maps on the Cook County Assessor.

If you believe your condo is over-assessed, you can ask for an informal review with the Assessor. If needed, you can file a formal appeal with the Cook County Board of Review. Appeals have strict deadlines each year, so confirm current windows before you file.

Common exemptions to review:

• Homeowner or homestead exemption for your primary residence
• Senior exemptions and senior freeze programs for qualified owners
• Disabled persons’ and veteran exemptions when eligible
• Periodic local relief programs

Practical steps for buyers and sellers:

• Verify whether a homeowner exemption is currently applied. It often does not transfer automatically to a new owner.
• Review recent assessment history and any appeal outcomes.
• If you qualify for an exemption, note how and when to apply so it shows on future bills.

Bills, due dates, and payments

Cook County typically issues property tax bills in two installments. The Cook County Treasurer mails bills and provides online copies, payment options, and current due dates. First and second installments can vary year to year, so always confirm the calendar on the Treasurer’s site.

If you have a mortgage, your lender may collect taxes through an escrow account. The lender pays the tax bill when due, and your monthly mortgage payment can adjust after the lender’s annual escrow review. If you pay taxes directly, budget for both installments and any special assessments.

Late or unpaid taxes can accrue interest and penalties, and in prolonged cases may lead to tax lien sales. To see current rates, due dates, and penalty details, use the Cook County Treasurer.

If you own a condo, your tax bill is issued for your unit. HOA dues and any condo association special assessments are separate from your property tax bill.

Plan your price, offer, and monthly payment

When you sell, share the most recent tax bill and the prior one to two years of history with buyers. If a reassessment or appeal is in process, disclose the status and what might change.

When you buy, include property taxes in your monthly cost analysis. Take the annual tax amount, divide by 12, and add it to your mortgage principal and interest, HOA dues, insurance, and utilities. If a seller has a homeowner exemption and you will not, your future bill may be higher than the current one.

Lenders use tax figures to calculate your total monthly payment and debt-to-income ratio. Ask for copies of current bills, or pull official versions from the Cook County Treasurer for underwriting.

Buyer checklist before making an offer

• Get the current year tax bill and the prior two years.
• Confirm whether a homeowner exemption is in place and whether you must reapply as the new owner.
• Ask about any pending appeals or reassessments.
• Verify lien status and check for unpaid taxes on the unit.
• Ask the association about any planned or ongoing special assessments.

A simple 60602 condo example

Below is a hypothetical illustration to show how the math flows. Your actual numbers will differ.

• Market value: $500,000
• Residential assessment level: 10 percent, so assessed value = $50,000
• Equalization factor: 1.0 for this example, so EAV = $50,000
• Homeowner exemption: reduces EAV to $40,000
• Combined tax rate: 7.5 percent for this example, so annual tax = $40,000 × 0.075 = $3,000
• Monthly planning number: $3,000 ÷ 12 = $250 per month

Change any assumption and the result shifts. That is why it helps to model a few scenarios before you set your price, write an offer, or plan your escrow.

What a reassessment might change

If a reassessment increases your assessed value by 20 percent and exemptions do not change, your taxable EAV will rise. Unless local taxing bodies lower levies, your bill will likely increase, and your lender may adjust escrow after the next annual review.

Where to find official information

• Assessment values, exemptions, and methodology: Cook County Assessor
• Tax bills, online payments, and due dates: Cook County Treasurer
• Formal appeals and filing procedures: Cook County Board of Review
• City payment guidance and local resources: City of Chicago Department of Finance
• Statewide property tax resources: Illinois Department of Revenue

Work with a local team that knows the Loop

If you are buying or selling in 60602, you want clear numbers and a smooth process. Our team helps you gather the right documents, confirm bills, and coordinate with your lender so your escrow and monthly payment plan make sense. We also help you compare units apples to apples by looking at effective taxes, HOA dues, and any pending changes to assessments or exemptions.

Ready to plan your move with local guidance? Connect with Second City Agents to schedule a free market consultation.

FAQs

How are Cook County property taxes calculated for a Chicago condo?

• Taxes are based on your condo’s equalized assessed value after exemptions and the combined local tax rate. See process details at the Cook County Assessor.

Where can I find my exact property tax bill and due dates?

• Look up and pay bills on the Cook County Treasurer site. Due dates and installment details are posted there each year.

Do homeowner exemptions transfer to me when I buy in 60602?

• They typically do not transfer automatically. You will likely need to apply in your name with the Cook County Assessor.

What if my mortgage has escrow for taxes?

• Your lender collects taxes monthly and pays the bill when due. Escrow is reviewed annually, so your mortgage payment can change if taxes go up or down.

Are HOA dues and property taxes connected in a condo building?

• No. Each condo unit receives its own property tax bill. HOA dues and any special assessments are separate costs.

Can I appeal if I think my Loop condo is over-assessed?

• Yes. Start with the Assessor’s informal review. If needed, file a formal appeal with the Cook County Board of Review within the posted deadlines.