Politics
Illinois Senate Bill 450 Assessment Changes: Property Tax Calculations Shift for Old Town Chi Homeowners
Residents in Chicago's Old Town neighborhood face revised property tax assessment timelines under the new state legislation, with Cook County processing updates by early 2027.
How we reported this
Illinois Senate Bill 450, signed into law on July 2, 2026, alters the frequency of property reassessments from every three years to every four years across the state, including all residential parcels in Chicago's Old Town neighborhood within the 60610 and 60614 zip codes.
The measure addresses a backlog documented in the Illinois Department of Revenue's March 2026 report, which listed over 180,000 Cook County properties awaiting review. Lawmakers tied the change to the state's fiscal year 2027 budget framework released in May, aiming to stabilize local government revenue streams that support municipal services.
Old Town Chi homeowners will see their next formal assessment delayed until 2028 instead of 2027, shifting the impact of any market value increases on annual tax bills due to the Cook County treasurer. Renters in multi-unit buildings along Wells Street and North Avenue may encounter gradual adjustments in lease costs as landlords recalculate expenses under the new cycle.
Budget Figures and Local Service Links
The legislation states that Cook County will receive an estimated $47 million in administrative savings from the extended cycle, according to the bill's fiscal note attached to the Senate record. These funds flow into the county's general fund, which allocated $312 million in 2025 for Chicago Public Schools operations serving Old Town students at institutions such as Ogden International School.
Local advocates note that the delay reduces immediate pressure on fixed-income households, where median assessed values for single-family homes reached $685,000 in the neighborhood per the county assessor's 2025 data release. The policy does not alter existing exemptions for senior citizens or veterans, which remain administered through the same Cook County channels.
Implementation begins with updated assessment notices mailed by the Cook County Assessor's office in January 2027. Property owners can file appeals through the existing Board of Review process, with hearings scheduled through the spring of that year.