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How property taxes, the Cook County assessor race, and the Illinois governor's race are shaping Chicago real estate in 2026
By Danny Leung, Baird & Warner — Lincoln Park, Chicago
The short answer: In Chicago, the elections that move your housing costs are local. Cook County Assessor Fritz Kaegi lost the March 2026 primary to Pat Hynes after the median Chicago homeowner's tax bill jumped 16.7% following reassessment — the clearest case in the country this year of housing costs deciding an election. On November 3, the Illinois governor's race (a property-tax-cap fight) and Pritzker's statewide zoning plan are what's actually on the line for Chicago homeowners; the mayor is not on this ballot (that's February 2027). Nationally, elections barely move prices — in Chicago, underwrite the tax bill, not just the mortgage. The market underneath makes the squeeze tighter: city inventory has fallen 26.3% in a year (Illinois REALTORS/MRED), nearly half of Chicago homes sol...
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