Why are taxes so high?: How Cook County property owners can save money

Over 500,000 Cook County senior homeowners missing out on property tax savings

Over 500,000 senior homeowners in Cook County have not reapplied for property tax savings that they are entitled to receive.

COOK COUNTY, Ill. - Have you been wondering why your property taxes have been so high or how you can save more money?

The Cook County Treasurer released a new guide explaining the Illinois property tax system Wednesday.

Treasurer Maria Pappas', "How the Illinois Property Tax System Works," is an easy-to-understand guide about how taxes are determined.

"Property taxes are very complex and involve six different government agencies," Pappas said. "This guide helps pull back the curtain on the property tax system so taxpayers know exactly how their tax bill is calculated and where the money goes after they pay their bill."

The guide also details the money-saving tax exemptions that help lower a tax bill.

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The process of filing an appeal to dispute an assessment is also included in the guide. Homeowners may want to appeal if they believe their property was assessed at a higher value than others in their area.

Illinois has the second-highest median residential property tax bill of all U.S. states, according to the tax guide. Property taxes are used to fund local government and Illinois has the most units of government of any state, according to Pappas.

The property tax primer can be found on the Treasurer’s website, cookcountytreasurer.com or by clicking here.