Property values, taxes surge in New Trier area; Appeals due on Friday, Nov. 3

Halloween week brought startling news to home- and property owners in New Trier Township and their suburban neighbors.

An analysis from the Cook County Treasurer’s Office revealed that 2022 property tax bills in the north and northwest suburbs surged 15.7 percent, the highest increase in at least 30 years.

The second 2022 tax bill are set to be mailed on Wednesday, Nov. 1 and are due Dec. 1. Bills can be paid online.

The treasurer’s study, which was led by two investigative journalists, also showed that: 676 of the 940, or 71.9 percent, of the taxing bodies in the county raised taxes to collect $909 million in new tax revenue, or 5.4 percent more than in 2021. A majority of that total, $599.1 million is on the shoulders of homeowners, while $314.4 million comes from commercial properties.

Rising tax levies and home values account for property-tax increases. According to data from the Cook County Assessor’s Office, following board-of-review decisions, north-suburban homes saw about a 28 percent increase in total value from 2021 to 2022, while nonresidential properties saw a 11% jump.

New Trier Township home values increased even more, 36.6 percent, and the township’s nonresidential stock increased 19.2 percent. New Trier homeowners saved a total of more than $2 billion on appeal.

“I’ve promised more transparency into all aspects of the property tax system, not just our office,” Assessor Fritz Kaegi said in a statement. “As the latest north suburban tax rates and tax bills arrive, this information provides important insight into how residential and commercial properties share the tax burden.”

Township residents can appeal their assessments with the county board of review by Friday. Nov. 3. The New Trier Township Assessor’s Office offers help with the process, including by providing comparable property values, between 9 a.m.-5 p.m. on Monday to Friday. For more information, call (847) 446-8200 or email lshifflett@newtriertownship.com.

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