Jun
29

Chicago Area Real Estate Residents Facing Higher Property Taxes

June 29, 2012

Chicago real estate residents might be in for quite the surprise next month when they receive their next installment of property tax bills. Not only will the bills be given out far earlier than previous years, but also the amount residents have to pay is likely to have increased as well.

In fact, statements are expected to go out this weekend on July 1 and will be due as soon as August 1. According to the Chicago Tribune, most homeowners will owe more this year despite decreases in property values because property taxes are designed to collect a fixed amount of money, no matter what condition the market is in.

It is said that due to these changes, some homeowners might be hard-pressed to make good, since it will be third property tax bill within nine months and other taxpayers will be shocked at the increases in their bill.

While certain properties in the city are being reassessed this year to help determine accurate property values, the changes unfortunately will not take effect on any bills until next year.

As for now, residents need to brace themselves for what is to come within the next week. It is also important for homeowners to understand that assessed value is not the same as market value. Currently, assessed value is equivalent to only about 30 percent of the price a home would go for on the market.

For more on the latest news affecting Chicago homeowners, be sure to check out our site.

About The Author

Read All Stories By Colleen Pinto

Colleen Pinto is currently the Assistant Director of Recruitment and Publicity at Creative Consultants and is a former mRELEVANCE Public Relations intern.

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