Tax Guide
Village of Skokie 2023 Property Tax Levy (Payable in 2024) - Key Points
- The Village’s tax levy of $15.4 million is the same as it was in 1990 due to the self-imposed property tax freeze.
- Based on an average, the Village accounted for only 5.72% of an average property tax bill for 2022.
- Over the thirty three years of the self-imposed property tax freeze, Skokie’s percent of an average taxpayer’s property tax bill has decreased from 16% in 1990 to 5.72% in 2022.
- Based on an average Skokie taxpayer’s property tax bill, school districts account for an average of 71.2% of the tax bill for 2022.
- Elementary schools averaged 42.2% and high schools averaged 29% for 2022.
- Resident’s individual taxes paid to the Village vary, however, on their individual level of assessment and the school districts in which they reside. The term "assessment" reflects the valuation of the property by the Cook County Assessor’s Office. Cook County reassesses properties every three years. The current tax bills are the third bills to be issued in the three-year assessment cycle.
- Depending on the level of the assessment for each property, any given resident’s Village of Skokie property tax line may show an increase/decrease or even remain somewhat constant. This is all a byproduct of the tax extension process over which Skokie does not have control.
A Note About Business vs. Residential Property Taxes
In Cook County, the amount of property taxes paid by each property owner depend on two factors: the final tax rate and the assessed value as determined by the County Assessor and equalized by the State of Illinois.
While residential properties are typically assessed at 10% of market value, commercial properties like apartments, offices and retail buildings are assessed at 25% of their market values. The equalization factor issued by the Illinois Department of Revenue produces what is known as the Equalized Assessed Value, or EAV. For the 2021 tax year (paid in 2022) 51% of EAV (total taxable value) came from commercial and industrial properties, and an almost identical share of taxes was billed to commercial and industrial properties. The average total annual tax bill for a commercial property for the 2021 tax year was $28,668 while the average for a residential property was $6,073.