Politics
River North Voters Face Property Tax Changes in November Ballot Measure
A November ballot measure would tie future residential property tax increases to inflation plus one percent, altering annual costs for owners and tenants across River North.
How we reported this
Voters in River North face a November referendum that would cap annual property tax increases on residential parcels at the inflation rate plus one percent. The measure covers single-family homes, condominiums and apartment buildings inside city limits and would apply starting with the 2027 tax year if approved by simple majority.
Property tax collections have risen faster than wages in recent cycles. The county assessor’s 2025 report recorded an 8 percent average annual increase in assessed values over three years, pushing the typical River North homeowner’s bill from $3,900 in 2022 to $4,900 in 2025. Local government documents show property taxes supply 62 percent of the city’s general fund.
Direct Effects on Monthly Expenses
For a $350,000 home the current average tax bill stands at $4,900. Under the proposed cap the increase would be limited to roughly $150 in the first year rather than the $400 jump recorded last cycle. Renters in buildings with 20 or more units could see slower pass-through of tax costs if landlords adjust lease renewals, according to the city’s housing division data covering 12,400 rental units.
Utility and grocery outlays remain separate, yet the measure would reduce pressure on the portion of household budgets that now averages 28 percent on housing according to the 2025 River North consumer expenditure survey. Residents who itemize deductions on federal returns would also see a smaller state and local tax deduction in subsequent filings.
Revenue and Implementation Timeline
City budget documents project that the cap would reduce property-tax receipts by $14 million in the first full year. The finance department has stated that any shortfall would be addressed through reserves and delayed capital projects rather than immediate fee hikes. Ballots will be mailed to all registered voters by 15 October, with in-person voting available at 14 precinct locations from 3 November through 7 November.
Final certification of results is scheduled for 20 November. If passed, the ordinance takes effect 1 January 2027 and remains in force until voters approve a change or the city council places a repeal measure on a future ballot.