DOWNTOWN — A new analysis shows that the Downtown 42nd Ward pays the most in city property taxes — about one out of every four dollars.
The Sun-Times analysis said the ward pays about $1.1 billion in total property taxes.
As such, the Downtown ward would pay more under the coming property tax hike, the analysis showed. In the 42nd Ward, the median home value was $278,170, tops in the city.
The ward includes parts of Streeterville, Gold Coast, River North and the Loop. The 42nd Ward's alderman, Brendan Reilly, voted against the increase.
The Sun-Times looked at every ward and figured out median home value and total property taxes for each area.
Still, Carol Portman, president of the Taxpayers' Federation of Illinois tells the paper, "A homeowner in the city, they are still paying some of the lowest property taxes in the state. They are paying less than their counterparts in the suburbs and Downstate."
In October, a $589 million property tax increase was approved by the City Council, with the effects to be felt starting this summer. The vote was 36-14 in favor of the increase, citing pension obligations. City officials said at the time homeowners would see an average increase of 12.2 percent.
The Sun-Times said some homeowners might see a tax decrease because of stagnant or declining home values while others would benefit from a proposed doubling of the homestead exemption under consideration by the state Legislature.
In October, Chicago-based real estate and consulting firm KIG Analytics mapped which parts of the city stand to pay higher taxes based on 2014 property values:
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