The Chicago Real Property Tax (CTR) is a citywide property tax levied on residential property and condominiums, commercial properties and office buildings.
The tax is assessed on the value of the property in accordance with the guidelines established by the city.
The city imposes a $1,000 maximum tax on residential and commercial property, and an additional $300 maximum on office buildings and other buildings.
It also imposes a tax of $2,500 on commercial real estate.
The CTR is calculated on the number of rental units and the number that are occupied at the time of sale.
The maximum tax for residential property is $5,000, and it is assessed at $1.50 per unit.
A commercial property is defined as an apartment, condominium, condo, condop, or apartment complex with an attached building.
A condominium complex with a rental unit is defined by its rental unit.
It includes any unit in which a rent is paid by the owner for occupancy of the unit, or a tenant has a lease for occupancy with a tenant.
An office building is defined to include a building, building-like structure or other structure which is designed or used for the use of the owner or tenants.
The residential and office tax rates vary by year, but typically the CTR rate is applied at the end of the calendar year and applies to the total of all residential and retail properties in the city of Chicago.
This article provides an overview of the C.T.T., its history, and the tax.
For more information, see Taxing Real Estate in the City of Chicago, which is available at: www.ci.chi.us/taxing.htm.