CHICAGO: If you live in these areas, your property taxes are about to soar

If you’re a single-family homeowner on the North Side or in the central area of Chicago, hang onto your wallet, because you’re about to get clobbered.

Cook County Clerk Karen Yarbrough today released her final calculations on new property tax bills that are about to go in the mail.

Countywide, bills should increase about 3.7 percent on average, regardless of whether the parcel involved is a home or a commercial property. But there are wide variations by region and property type.

As a result, average bills in the north and central thirds of the city will be up 11.46 percent and 11.29 percent, respectively. For North Side homeowners, bills will rise, on average, $536.17 to $5,218.84. For those in the central area, the average increase is even higher: $595.60, to $5,869.64.

But in the southern third of the city, where property values have risen more slowly, the hike will be just 0.98 percent for homeowners.

In comparison, homeowners in the suburbs should see their property tax bills rise less than 1 percent on average, Yarbrough said.