Yesterday the Cook County Clerk’s Office released the tax rates that will be used for the 2014 tax bills. Again this year, Cook County tax bills will go out on time. Tax bills are expected to be issued on July 1 with a due date of August 3. The tax rates are the product of both the levies of public bodies and the Equalized Assessed Value (EAV) of real estate, which this year was calculated with an equalization factor of 2.7253. The Clerk’s press release also contains valuable analysis of trends in tax rates, tax burdens and real estate values.
The Clerk’s press release notes several trends in property taxes for 2014. Notably, the overall EAV of Cook County increased by 1.8%. This is the first increase in EAV since 2009. The Clerk’s Office also calculated the average tax rates for suburban and Chicago taxpayers. The average tax rate in the City of Chicago is 6.81%, while the average tax rate in the North Suburbs is 10.23% and the average tax rate in the South Suburbs is 13.05%. Also of note, the highest composite tax rate in the County is 38.5% in the Village of Ford Heights.
Tax rates are also affected by the final equalization factor, which is 2.7253. The factor is 2.4% higher than the 2013 equalization factor. Like the reversal in EAV, this is the first time since 2009 that the equalization has increased. Prior year equalization factors are summarized below.
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