During a recent conversation with Nico Tsatsoulis, candidate for Cook County Assessor, we discussed a major reform that could finally fix Cook County’s inconsistent, unpredictable, and deeply political property tax system. Modeled after California’s statewide Proposition 13, this proposal would base all Cook County property taxes, residential, commercial, and industrial, on the actual sale price of the property, with annual increases capped at 2% for inflation.

California has used this system for more than 45 years. It protects homeowners, stabilizes rents, promotes business growth, and brings transparency to property taxation. Cook County deserves the same fairness and predictability.

The Current Broken Property Tax and Levy System

Cook County’s property tax system isn’t just outdated, it’s fundamentally broken. The newest tax bills were just released, and thousands of homeowners across the county are opening their envelopes to find massive, unexpected spikes that make no sense. This system doesn’t reward stability, fairness, or community growth; it punishes them.

Here’s how it actually works:

• Taxing bodies decide how much money they want first, before a single property is assessed.

• The Assessor then reverse-engineers property values to meet those levies, even if the numbers don’t reflect reality.

• Your assessment has little to do with what you paid or what your property is worth; it’s whatever number fills the budget.

• Entire neighborhoods see tax hikes simply because they have improved, not because residents suddenly became wealthier.

• The latest tax bills show brutal spikes across Cook County, even for homeowners who made no changes to their property.

• Renters feel the impact too, because landlords pass these unpredictable increases directly into rent.

• Small businesses get hit the hardest, forcing many to choose between cutting staff or shutting their doors.

• The only winners are the tax appeal lawyers, because residents are forced to hire attorneys just to get a fair bill.

Cook County isn’t taxing based on actual property value; it’s taxing based on budget demands, and residents are footing the bill.

Our Plan to Fix the Property Tax System

• A property’s taxable value is locked in at its purchase price.

• It may increase by no more than 2% per year.

• Owners pay 1% of the inflation-adjusted value.

• Applies equally to residential, commercial, and industrial properties.

This removes the guesswork and volatility that plague today’s system.

Transitioning Current Properties

For properties already owned today:

• The county will use the last recorded sale price

• Apply a 2% annual inflation adjustment for each year since that sale

• This becomes the new taxable value under the simplified system

This guarantees fairness without surprise reassessments.

Example: $1,000,000 Property Purchased in 2010

If a property was purchased in 2010 for $1,000,000, here’s how it would grow predictably under the proposed system:

Fifteen years later, the taxable value rises only to $1.345 million, and taxes grow from $10,000 to just $13,459, predictable, stable, and capped.

Under today’s Cook County model, the same property could be reassessed at $2M–$3M or more, causing enormous tax spikes.

Protecting Property Owners When Values Drop

Although this system is designed for long-term stability, it would be unfair to lock taxpayers into inflated taxable values during economic downturns. Suppose the real estate market declines and a property’s actual market value falls below its inflation-adjusted baseline. In that case, owners should not be forced to continue paying taxes based on a higher number.

Under our proposal:

• Owners may request a reassessment when their current market value is clearly lower

• The county may apply broad downward adjustments during major recessions

• When values recover, the 2% annual cap resumes from the newly lowered baseline

This ensures taxpayers never pay more than their property is truly worth.
Stability is essential, but fairness must come first.

What This Means for You

For Homeowners

• • No unpredictable tax spikes

  • Protection from being priced out

  • Stability for seniors and fixed-income residents

  • Clear, simple expectations

For Renters

• • Apartment building taxes stabilize → rent hikes slow down

  • More predictable housing costs

  • Developers are more willing to build

For Local Businesses

• • Predictable taxes encourage investment and hiring

  • Levels the field for small businesses competing with national chains

  • Makes Cook County competitive with neighboring counties and other states

Everyone benefits from stability and fairness.

Fixing the Levy System

Under this reform:

• Levy increases can no longer hide behind assessment spikes

• Levy growth can be capped

• Significant increases could require voter approval

Taxing bodies will finally have to live within their means, just like households and businesses do.

Why This Works in California

California has:

• A strong, competitive economy

• Predictable long-term tax structures

• Lower displacement of seniors and long-term homeowners

• Transparency that residents understand

• Stable revenue without volatile swings

Their system didn’t harm their economy; it strengthened it.

Streamlining County Government

With taxable values that are simple and formula-based:

• Mass reassessments become unnecessary

• The Assessor’s Office can be significantly reduced

• Core responsibilities can be consolidated into the Treasurer’s Office

This simplifies the entire property tax process: one office, one formula, complete transparency.

What the Assessor’s Office Would Still Handle

To ensure integrity:

• Fraud detection

• Oversight of exceptional cases (family transfers, distressed sales)

• Appeals for rare exceptions

• Verification of sale data

• Compliance with state law

A small, efficient oversight function replaces a massive bureaucracy.

Preventing Fraud

To keep the system fair:

• Analysts will flag artificially low sale prices

• Sales will be compared to similar properties countywide

• Distressed and family transfers will be evaluated fairly

If fraud is confirmed:

• Corrected taxable values can be applied

• Penalties can be issued

This maintains simplicity while preventing abuse.

Protecting Seniors

This system inherently protects seniors and long-time residents:

• No sudden jumps

• Predictable, stable bills

• Confidence that they can stay in their homes

 

Statements From the Candidates

Michael Murphy

“It’s time to change the tax code in Cook County. We have to stop inventing property values just because taxing bodies want more money. Cook County isn’t just competing with other counties in Illinois, we’re competing with other states for talent, investment, and opportunity. No one wants to move to a place where the tax system is confusing, unpredictable, and where you can be priced out of your home without warning. Property taxes affect every homeowner, every renter, and every business, from neighborhood restaurants and small retailers to major employers. Simplifying the tax code isn’t radical; it’s common sense. The only people who oppose reform are the government bodies that have never been asked to live within their means. I will support legislation that brings fairness, stability, and transparency to Cook County’s property tax system.”

Nico Tsatsoulis

“Right now, entire law firms exist for the sole purpose of fighting unfair property assessments and they take a cut of your savings as their fee. That means the tax system is so broken that people need lawyers just to get a fair valuation. No one should have to hire an attorney to avoid being overcharged by their own government.”