Tax rates in Chicago and C(r)ook County increasing are not the only problem. What the assessor’s office estimate your property value is also a big factor.
My wife and I have a nice house in the Chicago suburbs, but within C(r)ook County borders. We just got our second installment notice this week. The estimated market value the assessor’s office has put on our house is WAY TOO MUCH. In a good market, I would say it is a fair assessment. But with my neighbor, who has a bigger house, can’t sell it even though it is priced 25% below market, then I’m being screwed.
About two years ago my daughter wanted to buy a house or condo in Chicago. I told her flat out not to do such a thing. I could see the never-ending battle with teachers unions and pension problems would force taxes to go up. She decide to rent for awhile longer and thanks me for the advice.
you need to study up on the difference between assessed value and market value. If they happen to be the same it is only a coincidence. That is reality.