Chicago 2017 Property Tax Increase: What it means to you.

by Amanda on June 26, 2017

Dear Friend,

Happy Summer! The city is alive with people trying to soak up every ounce of life during these favorite months of ours. Where the weather has been delightful in the past couple of weeks, some recent headlines have our clients feeling less than optimal.

Unless you have been hiding under a rock, you’ve probably seen the news stating something similar to, Average Chicago property tax bill is going up 10% this year”. Or better yet, “Chicago taxes expecting a HUGE increase”. Now the media tends to create “click-bait” headlines without explaining how this will impact the average Chicago homeowner or future home buyer. So, we’d like to help put this in perspective.

Let’s consider the following hypothetical situation:

  • The average tax bill in Chicago is approximately 1.5% of your property’s value.
  • Your home has been assessed at $500,000.
  • Your annual property tax would be roughly $7500.

The 10% increase discussed in these articles does NOT mean that you’ll now be paying 12% tax, (that would be ridiculous). It simply means that you would be paying an additional 10% of your annual tax bill, (in this case approximately $750 more). On a monthly basis, this type of increase will cost about $62.50 a month.

Where this is not something I am trying to belittle, a small monthly increase in taxes shouldn’t put anyone into a tailspin. In fact, some people easily spend that amount on their daily Starbucks routine!

However, we might be able to help!

Depending on your situation, we may be able to help decrease your current property tax bill. If you have not contested your current bill, this might be the time to do so. We have a relationship with Turbo Appeal, a company that will investigate your property taxes and negotiate a reduction on your behalf. The best part is that they only charge you IF they save you money! Please reach out to me if you’d like to learn more!

I believe that creating informed consumers with regards to real estate is a huge part of my job. I hope this note clarifies a few things and please feel free to reach out to me with any questions!

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