Politics
Uniform Property Assessment Act Changes River North Tax Calculations Versus Other State Cities
River North property owners will receive new assessment notices that apply a statewide formula, producing different tax shifts than those projected for municipalities with older housing stock or slower sales growth.
How we reported this
The state legislature passed the Uniform Property Assessment Act in May 2026. It requires every county to adopt a single method for calculating residential property values starting with the 2027 tax year.
Local governments previously set their own assessment ratios. The new law replaces those ratios with a three-year rolling average of arm's-length sales recorded in each neighborhood. River North's higher recent transaction prices place it in a different adjustment category than cities where sales volumes stayed flat.
Daily Effects on River North Households and Services
A median River North home assessed at $425,000 last year will move to $459,000 under the sales-average formula. The city levies 18.4 mills, so the owner of that home faces an added $623 on the annual bill if the rate holds. Renters in multi-unit buildings will see the increase passed through when leases renew.
City budget staff have already flagged the change in their preliminary 2027 forecast. They project an extra $4.8 million in property-tax revenue for River North, which covers part of the scheduled replacement of two fire-engine fleets. Neighboring jurisdictions with lower average sale prices are expected to see smaller or negative shifts, altering the amount each city must raise from other sources.
The legislation states that counties must complete the first round of notices by 15 January 2027. River North assessors began pulling deed records in June and expect to finish 12,400 parcels by November.
Statewide Comparison and Next Steps
State budget documents show the act carries a $147 million appropriation for software upgrades and training across all 102 counties. River North's share of that pool is $1.9 million, based on parcel count. Cities with fewer than 5,000 parcels receive a flat minimum grant, producing a different per-parcel cost structure than larger urban counties.
County boards must adopt their 2027 levies by 30 November. River North officials plan to hold two public hearings in October to explain how the new assessments feed into the overall rate. Residents can appeal individual valuations beginning 1 February 2027 through the county board of review.