The Insider Brief
This is where smart buyers and sellers get the real story on real estate — market shifts, what to look for in an agent, and the insider knowledge most people don't have until they're already in the middle of a deal. Clear, useful, and straight from someone who's spent a decade in the industry. Subscribe and stay ahead of your next move.
Chicago's Property Tax Bills Just Hit a 30-Year High. What Every Buyer Needs to Know.
If you're buying in Chicago, the property tax number in the listing is not your property tax number. That distinction has always been true in Cook County. In 2025 and 2026, it matters more than it ever has.
Here is what happened. The Cook County Assessor's Office completed a citywide reassessment of Chicago's residential properties in 2024. The results, which hit tax bills in 2025, were significant: the median residential property tax bill in Chicago jumped 16.7% — the largest single-year increase in Illinois history. For some neighborhoods, the numbers were far more severe. In West Garfield Park, the median homeowner's bill more than doubled, rising from $1,482 to $3,448. In nine predominantly Black Chicago community areas, median residential bills jumped by more than 50%.
If you're buying in Chicago, the property tax number in the listing is not your property tax number. That distinction has always been true in Cook County. In 2025 and 2026, it matters more than it ever has.
Here is what happened. The Cook County Assessor's Office completed a citywide reassessment of Chicago's residential properties in 2024. The results, which hit tax bills in 2025, were significant: the median residential property tax bill in Chicago jumped 16.7% — the largest single-year increase in Illinois history. For some neighborhoods, the numbers were far more severe. In West Garfield Park, the median homeowner's bill more than doubled, rising from $1,482 to $3,448. In nine predominantly Black Chicago community areas, median residential bills jumped by more than 50%.
The mechanism behind the increases is worth understanding. Commercial property values in Chicago — particularly downtown office buildings — have declined sharply as vacancy rates have risen in the post-pandemic environment. As commercial assessments went down, the tax burden shifted. Property taxes are zero-sum within a taxing jurisdiction: when commercial values fall, residential properties absorb a larger share of the levy. The Cook County Treasurer put it plainly: "When you have a vacancy rate in commercial properties the way we do in the city right now, commercial valuations are going to go down. So, who has to pick it up? It's like a scale. If one side goes down, the other goes up."
The Board of Review, which hears property tax appeals, also cut commercial assessments by nearly 20% after the Assessor's initial valuation — while cutting residential assessments by only 1%. That shift alone transferred approximately half a billion dollars of tax burden from commercial properties to homeowners, adding roughly $700 to the average homeowner's bill in Chicago.
What this means for buyers right now
The 2026 reassessment cycle is targeting the southern and western suburbs of Cook County — the first time since the infamous 2023 reassessment that this region will be revalued. That earlier cycle produced some of the largest assessment increases in Cook County history. Homeowners and buyers in those areas should be preparing accordingly.
For buyers purchasing in Chicago proper, the immediate question is: what will your actual tax bill be at your purchase price, under current assessment levels, with the rates that now apply? The historical figure in a listing reflects what the seller paid under potentially different assessed values and different rate conditions. Your bill will be calculated on what you pay, at current rates. The gap between those two numbers can be significant.
The Illinois Department of Revenue is conducting a comprehensive study of the state's property tax system with a report due July 2026. Legislative reform is being discussed seriously for the first time in years. But "being discussed" is not the same as enacted, and buyers purchasing in 2026 should not factor potential reform into their planning.
A knowledgeable local agent will model your expected tax liability on any property before you make an offer. This is not an optional step in Chicago.
John Voirol | John's Agents | Find My Agent
SOURCES
- Illinois Answers: Record Property Tax Increases Slam Chicago Homeowners
- O'Connor: 2025 Cook County Property Tax Chaos Recap
- O'Connor: 2026 Cook County Reassessment Targets Western and Southern Suburbs
- WTTW: Cook County Assessor Pushes to Ease Property Tax Burden on Homeowners
- Cook County Treasurer's Office: Property Tax Research
Moving to Chicago?
Nashville Has No State Income Tax. Your Property Tax Bill Still Went Up.
Tennessee's lack of a state income tax is one of the first things people mention when they talk about moving to Nashville. And it's real — for a high earner relocating from California, New York, or Illinois, the tax savings can be substantial enough to change the financial math of a move entirely.
Tennessee's lack of a state income tax is one of the first things people mention when they talk about moving to Nashville. And it's real — for a high earner relocating from California, New York, or Illinois, the tax savings can be substantial enough to change the financial math of a move entirely.
But here's the thing nobody mentions in the same breath: Davidson County property taxes just went up significantly after a 2025 reappraisal that showed a 45% county-wide median value increase, compounded by the Metro Council's decision to raise rates above the revenue-neutral threshold.
For a buyer purchasing at today's market prices, the historical tax figure in a listing is not your number. Your number is calculated on what you pay, at current rates, in the current assessment cycle.
Tennessee's tax structure is still favorable compared to most high-cost states. But the honest picture includes both sides of the ledger. If you're using no state income tax as a primary financial justification for a Nashville move, make sure you've modeled the complete picture before you commit to a number.
John Voirol | John's Agents | Find My Agent
Nashville's Property Taxes Just Changed Dramatically. What Buyers Need to Know.
If you're relocating to Nashville and Tennessee's lack of a state income tax is part of your financial calculus — it should be — you need to add a new line item to that math: Davidson County property taxes just went up significantly, and the number in a listing's tax history may not reflect what you'll actually pay.
If you're relocating to Nashville and Tennessee's lack of a state income tax is part of your financial calculus — it should be — you need to add a new line item to that math: Davidson County property taxes just went up significantly, and the number in a listing's tax history may not reflect what you'll actually pay.
Here's what happened. Davidson County completed a property reappraisal in 2025, and the county-wide median value increase was 45% compared to the previous appraisal four years earlier. State law requires Nashville to reset tax rates to revenue-neutral levels after a reappraisal — meaning the city can't collect a windfall just because values went up. But the Metro Council went further, voting to increase rates above the revenue-neutral threshold: 26% above for the Urban Services District and 39% above for the General Services District. The combined effect — higher assessed values plus higher rates — produced tax bills that surprised a significant number of homeowners. More than 15,000 formal appeals were filed, a record number, with hearings scheduled into November 2026.
What this means if you're buying
When you purchase a home in Nashville, your property is assessed based on what you paid. Not on what the previous owner paid. Not on what the 2021 appraisal said. On your purchase price. In a market where prices have risen substantially, a buyer purchasing at today's values may see a tax bill that is considerably higher than what appears in a listing's historical tax data.
Before you build your monthly budget around a Nashville purchase, calculate your expected property tax using Davidson County's current rates and your projected purchase price. The difference between what a long-tenured seller is paying and what you'll pay as a new buyer can be meaningful — particularly in neighborhoods where homes have appreciated sharply.
The good news: Tennessee has a constitutional amendment on the November 2026 ballot that would prohibit state-level property taxes. It doesn't affect county and local rates, which are what most buyers are dealing with, but it signals the political direction on property taxation in Tennessee more broadly.
An agent who knows Nashville will walk you through the tax picture on any property before you're in contract. That's not optional research.
John Voirol | John's Agents | Find My Agent