DuPage County Home Values Down 24%, Property Tax Up 7% Since Recession
This Article Is About DuPage County Home Values Down 24%, Property Tax Up 7% Since Recession
Many hear that home prices have been rising throughout the nation for the past several years.
- Due to rising home prices, both HUD and FHFA have raised FHA and Conforming Loan Limits for the past three years due to rising home prices
- FHA Loan Limits for 2019 is $314,827
- Conventional Loan Limit for 2019 is capped at $484,350
- Home values have risen double digits every year in many parts of the country
- Most homeowners with underwater mortgages have homes with equity
- However, that is not the case in DuPage County, Illinois
- DuPage County Home Values Down 24%, Property Tax Up 7% Since Recession
- DuPage and bordering counties have yet to recover much of the home value they lost after the 2008 Housing Bubble Crash
- However, the declining value of home values has not stopped the government from increasing property taxes
- Property taxes in DuPage County, Illinois and surrounding counties have been increasing although property values have been declining
In this article, we will discuss DuPage County Home Values Down 24%, Property Tax Up 7% Since Recession.
Data Of DuPage County Home Values Down 24%, Property Tax Up 7% Since Recession
DuPage County, located in the Western Suburbs of Chicago, have home prices that are 24% lower today than they were prior to the Real Estate Collapse of 2008.
- Data and figures from the Federal Housing Finance Agency (FHFA) conclude homes in DuPage County property values are 24% lower today than they were in 2007
Adjustments for inflation were considered to come up with this number by the FHFA.
How Can Property Taxes Increase When Home Values Plummet In A Hot Housing Market
Normally, increases in property taxes happen when home values increase. How can property taxes increase when home values dropped 24%? I guess the only logical answer is “Only In Illinois.” Although home values tanked by more than 24% in DuPage County, county residents in DuPage County had property tax bills increase by 7%. This figure has been adjusted for inflation. DuPage County homeowners were hit with the increase on June 3rd, 2019 on their first installment were due. The next installment is due on September 3rd.
How Does DuPage County Home Values Compare To Other States
Michelle McCue, the National Sales Manager at Gustan Cho Associates and a long time DuPage resident said the following:
DuPage County’s poor housing recovery is a national outlier: While home prices nationwide have yet to return to their pre-recession peak, they were down just 9% from 2007 to 2017. To put DuPage County’s housing plight in perspective, its decline in average home values during that time period is an alarming 164% worse than the nation as a whole. The biggest factor driving rising property taxes? Unsustainable growth in pension costs for government workers. Pension liabilities have risen faster than taxpayers’ ability to pay, forcing state and local governments to constantly scramble for new sources of revenue – often in the form of property tax hikes. This diminishes homeowners’ standard of living, and potential, while jeopardizing government workers’ retirement security.
Thousands of Illinois residents are fleeing Illinois to other states with low property taxes and low cost of living.
General Consensus Is Incompetent Governor And Politicians Is Cause Of Financial Mess In Illinois
Data prove that Illinois state government is in a financial mess. The new Illinois governor, JB Pritzker, is becoming increasingly unpopular due to his tactics in increasing taxes on anything he can think of. It is obvious JB Pritzker is incompetent and the only solution he has is to increase taxes. Many Democrats are turning against the heavy-set obese governor. He has recently doubled the Illinois gas tax hurting businesses that operate along state lines. Countless of Illinois residents are fleeing Illinois to lower-taxed states such as Indiana, Tennessee, Kentucky, Alabama, Mississippi, Colorado, Florida, Georgia, Michigan, North Carolina. This is a developing story. Gustan Cho Associates will keep our viewers updated on this subject in the coming days and weeks.