Cook County homeowners will see an unusual question on their November 2026 ballot. It's not a tax, not a law, and won't change your bill this year.
In our 2026 National Homeowner Survey, 64% of homeowners said they were surprised or shocked by their most recent property tax bill. That sticker shock is real in Cook County, where typical bills run near $6,200 and jumped more than 16% in 2025, the largest increase in at least 30 years.
So when a ballot question promises property tax relief, it's natural to want answers. Here's what the referendum actually does, why it won't affect your 2026 taxes, and what you can do right now to lower your Cook County bill.
Key Takeaways
Cook County voters will see a non-binding advisory referendum on the November 3, 2026 ballot asking whether Illinois should adopt a "Millionaire Amendment."
It gauges support for a proposed 3% state income surcharge on income over $1 million, with revenue split 50% for property tax relief and 50% for education.
The referendum changes no law and levies no tax; it measures public opinion only.
The underlying constitutional amendment (HJRCA 21) stalled in the Illinois House and is not on any statewide 2026 ballot.
Whatever happens at the ballot, you can lower your Cook County bill now by appealing your assessment and claiming exemptions.
What Is the Cook County Millionaire Surcharge Referendum?
Cook County's advisory millionaire surcharge referendum is a non-binding question on the November 3, 2026 ballot that asks whether Illinois should adopt a 3% income tax surcharge on income over $1 million to fund property tax relief and education.
An advisory referendum records public opinion but has no legal force. A "yes" vote sends a message to lawmakers in Springfield. It does not create a tax, change the constitution, or reduce anyone's property tax bill.
The Cook County Board of Commissioners voted unanimously in July 2026 to place the question on the countywide ballot. Here's the exact question on the November ballot:
Shall Illinois adopt the Millionaire Amendment for Property Tax Relief and Education, which would enact a 3% income tax surcharge only on millionaires and use 50% of this new revenue to provide property tax relief for residential and commercial taxpayers and 50% to improve state funding for public education?
The key distinction: Cook County is asking voters their opinion about a statewide change. The county itself cannot levy an income tax or amend the Illinois Constitution.
What Would the "Millionaire Amendment" Actually Do?
The proposal behind the referendum would add a 3% surcharge on individual income over $1 million. Proponents estimate it would raise roughly an estimated $4 billion a year, split evenly between property tax relief and K-12 education funding.
Why does it need a constitutional amendment? The Illinois Constitution mandates a flat income tax. Everyone pays the same rate, currently 4.95%. A surcharge on only high earners would create a graduated rate structure, which requires changing the constitution.
If the amendment were ever adopted, Illinois' top rate would rise from 4.95% to 7.95% for individuals earning over $1 million. For pass-through business entities subject to the 1.5% Personal Property Replacement Tax, the combined top rate could reach 9.45%.
Supporters argue the revenue would provide meaningful property tax relief and boost school funding. Critics raise concerns about impacts on small businesses structured as pass-throughs, potential outmigration of high earners, and revenue volatility tied to capital gains.
Is It a Law Yet? Why the Amendment Stalled
No. The proposed surcharge is not law, and it taxes no one today.
The constitutional amendment (HJRCA 21) advanced out of the House Revenue & Finance Committee in April 2026. But it was not called for a vote before the May 3, 2026 deadline, so it will not appear on any statewide ballot in November 2026.
Constitutional amendments in Illinois require a three-fifths supermajority in the House (71 votes). The amendment lacked the votes. The next window to place an amendment on the ballot is early May 2028.
This is why the November question is advisory only. Illinois voters backed a similar income-tax advisory question in 2024 with about 60% support, and you can read more about the 2024 Illinois income tax advisory question for context. But advisory votes do not change the law.
Would It Actually Lower Your Cook County Property Tax Bill?
Even if Cook County voters approve the advisory question, no property tax relief is guaranteed.
Here's why: the advisory referendum only signals support to lawmakers. The constitutional amendment must still pass both chambers of the General Assembly with a supermajority, then survive a statewide voter referendum. How any relief would actually be distributed to homeowners remains undecided.
Under the most optimistic scenario, the earliest any relief could reach your bill would be 2028 or later.
Meanwhile, Cook County carries one of the highest property tax burdens in the nation, and recent bills have climbed sharply. You can explore your area's rates on our Illinois property tax trends page.
The ballot question is symbolic. Your assessment and exemptions are the levers you actually control today.
How Much Are You Over Paying?
How to Lower Your Cook County Property Tax Bill Right Now
You don't need to wait on Springfield. Two levers can reduce your bill every year: appealing your assessed value and claiming every exemption you qualify for.
In our 2026 National Homeowner Survey, 74% of U.S. homeowners had never appealed their property tax bill. Of those, 57% didn't know they had the right to. If you're in that group, here's how to start.
Appeal Your Assessment
Cook County assesses residential property at 10% of fair market value, then applies a state equalization multiplier to produce Equalized Assessed Value (EAV). Your tax bill equals your EAV (after exemptions) multiplied by your local tax rate.
Here's how that math works for a typical Chicago home, using illustrative figures for the multiplier and rate (both change annually):
Step | Before Appeal | After Appeal |
|---|---|---|
Fair market value | $350,000 | $320,000 |
Assessed value (10%) | $35,000 | $32,000 |
EAV (×3.0 multiplier) | $105,000 | $96,000 |
Annual bill (2.2% rate) | ~$2,310 | ~$2,112 |
Annual savings | — | ~$198 |
A $30,000 reduction in fair market value translates to roughly $200 per year in this example. Larger reductions mean larger savings.
Cook County uses a two-level appeal system. You first file with the Cook County Assessor's Office (CCAO), then get a second chance at the Cook County Board of Review. Both windows last about 30 days, and you can appeal every year regardless of which year of the triennial cycle your township is in.
Appeal windows open township by township on a rolling schedule. Check the CCAO Assessment and Appeal Calendar for your township's current dates. For step-by-step guidance, see our Cook County property tax appeal guide and tips to strengthen your Illinois property tax appeal.
Claim Every Exemption You Qualify For
Exemptions reduce your EAV before the tax rate applies. They stack with appeals, so you can benefit from both.
General Homestead Exemption: Reduces EAV by $10,000 in Cook County for an owner-occupied primary residence. (Outside Cook County, it's $6,000.) See our Chicago homeowners exemption guide for details.
Senior Citizens Homestead Exemption: Adds $8,000 off EAV for homeowners age 65 or older, with no income limit. (Outside Cook, it's $5,000.)
Senior Citizens Assessment Freeze: Locks your EAV (not your bill) at a base-year level for qualifying seniors. The household income limit is $75,000 for tax year 2026. Learn more about the Illinois senior property tax freeze.
Long-Time Occupant Homestead Exemption: For homeowners in the same home 10+ years with household income of $100,000 or less. This can exceed the General Homestead reduction for those who qualify.
Missed exemptions can often be recovered through a Certificate of Error. The Cook County exemption application deadline is mid-May (reported as May 15 for 2026). Confirm the current date with the CCAO.
How Ownwell Can Help
At Ownwell, we handle Cook County appeals and exemption filings end-to-end. We gather evidence, file at the CCAO and Board of Review, and monitor deadlines so you don't have to.
Our pricing is simple: we charge 25% of first-year savings in Illinois, with no upfront cost. You only pay if we save you money. Learn more about Ownwell's 25% Illinois contingency pricing.
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$774 average annual savings for homeowners who work with us
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Ready to see what you could save? Enter your address above to get a Cook County savings estimate in seconds.
Frequently Asked Questions
Is the Cook County millionaire tax a law?
No. The November 2026 ballot item is a non-binding advisory referendum. The underlying constitutional amendment stalled in the Illinois House, so no statewide vote on the actual tax will occur in 2026.
What will the November 2026 Cook County ballot question ask?
It asks whether Illinois should adopt a 3% income surcharge on millionaires, with half the revenue going to property tax relief and half to education. The exact wording is set by the Cook County Clerk.
Who would pay the 3% surcharge?
If the amendment ever became law, individuals with income over $1 million would pay the additional 3% on income above that threshold. Pass-through business owners could face a combined top rate of up to 9.45%.
Would the millionaire tax actually lower my property tax bill?
Even if voters approve the advisory question, any relief is uncertain and years away. The amendment must still clear the legislature and a future statewide vote before any distribution to homeowners is decided.
How can I lower my Cook County property tax now?
Appeal your assessment through the CCAO and Board of Review, and claim every exemption you qualify for. Both reduce your taxable value today, regardless of what happens in Springfield.
