Property taxes for Chicago Public Schools will rise on bills that come out next week, but the rates paid by city homeowners still will be lower than in all but a few suburbs, new data obtained by the Tribune show.
CPS officials have estimated that the owner of a $250,000 home will see a property tax increase of $28, but tax experts caution that too many variables are involved to say precisely what to expect. Those variables include the home's market value, how long a home has been owned by the same person, the home's neighborhood and the owner's age.
Cook County Clerk David Orr will release tax rates for school districts, villages, park districts and the like on Tuesday. The rates will be used to calculate the second installment of tax bills that Treasurer Maria Pappas will mail out July 1. To avoid a penalty, those bills must be paid by Aug. 1.