Alex Carlucci The Mortgage Expert,
Publish On: August 11, 2019
This ARTICLE On Chicago Area Property Taxes Soar To Record High Levels Was PUBLISHED On August 11th, 2019
Chicago Area Property Taxes Soar to record levels.
- This holds true especially in Cook County and surrounding counties
- The areas most affected by the increase of Chicago Area Property Taxes is the Central and North Sides of the City
- Karen Yarbrough, the Cook County, Illinois Clerk announced the final calculations of the new property taxes for Cook County homeowners which are expected to hit homeowners with the new property tax assessment
- Average Chicago Area Property Taxes for both residential and commercial real estate increased over 3.7% throughout Cook County
- However, there are substantial differences in the Chicago Area Property Taxes increases depending on the area the parcel is located
In this article, we will cover and discuss the Chicago Area Property Taxes increases in Cook and surrounding counties and how it affects homeowners and those who are planning on buying a home.
Chicago Area Property Taxes Most Affected
Mike Gracz got his source on the above data from the Yarbrough’s Report.
Click here to read Yarbrough’s report.
Reasons For Property Tax Increase
The Cook County Clerk’s Office is not the office that implements the property tax levy which is the amount of money the County takes. The Clerk’s Office is to calculate and distribute the total revenues collected by property taxes by the new real estate assessments. The share a particular homeowner and/or property owner is billed is dependent by the amount the Clerk divides the total revenues of taxes by the new assessments.
Many Are Fleeing Illinois To Other States Due To High Taxes
Illinois has the second-largest property tax average in the Nation. New Jersey is the highest property taxed state in the Nation. Illinois comes in second. High property taxes are not the only issue Illinois has. Illinois is one of the highest-taxed states for other taxes. Income taxes, gas taxes, sales taxes, and other taxes are among the highest in Illinois than other states. After the election of Democratic Governor JB Pritzker, the state has been in a binge of increasing any taxes they can. Pritzker’s polls are setting records of JB Pritzker being the worst Illinois governor in history. Many folks in Illinois are leaving the state to other lower-taxed states. In general, property values are decreasing while property taxes are increasing in Illinois. Coupled with Pritzker’s incompetence and Pritzker’s recent federal criminal investigation, Illinois has a long road ahead. The Pritzker Administration seems to be clueless and seem to believe that raising taxes is the solution to their problems. They have no plan for reducing spending while increasing property taxes. Stay tuned. This is a developing story we will update our viewers.
