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For homeowners on Chicago's lakefront and north and northwest sides, Mayor Emanuel's walloping property tax hike will land hard, but many more on the south and southwest sides may find a little extra money in their wallets, according to an analysis by a commercial real estate consulting firm.

Taxes will go up for about 194,000 homes the Cook County Assessor estimates are worth more than $250,000, according to Marc Rutzen, data officer for KIG Analytics, a wing of KIG CRE. They're rendered in orange on on this map KIG Analytics created.

Shown in blue is a vast swath of the city, largely south and west of the Loop and away from the lakefront, where some 535,000 homes are valued at under $250,000 by the assessor. When the map was completed late last week, Emanuel's tax plan was widely reported to exempt sub-$250,000 homes from a tax increase. That's why they're labeled "no."

But yesterday, Crain's columnist Greg Hinz reported that many working-class homeowners would get a tax cut inside the $544 million tax increase that's designed to fill Chicago's pension gap.

Thus, many of the homes labeled “no” on the map should actually be labeled “cha-ching,” because they'll pay less in taxes if the mayor's plan goes through.

City Hall counted almost 290,000 households whose tax bills would go down, Hinz reported. The owners of a home worth $200,000 would pay about $200 less than the $3,260 they're paying now.

If City Hall cuts taxes for 290,000 of the roughly 535,000 homes Rutzen has in the “no increase” category, about 245,000 would see their tax bills stand still.

The city has about 95,000 pieces of commercial real estate, Rutzen found. All of them would see a tax increase, according to Emanuel's plan.