We hear so much about foreclosures....but
do you know how they affect your property taxes? The answer...a lot.
It is a snowball effect that affects all homeowners...and if you don't
believe me...were you surprised when you opened your tax bill (which was
mailed very early)in Cook County and found your property tax bill had
been increased even thou you heard your Assessor say (as he was running
for office) that he was recommending taxes be cut to reflect the low
property values. So what happened? The more foreclosures..the less
revenue. ..and your local government has to make up for the loss
somewhere....so what do they do...they increase their local assessment
value.
In the Southeast
Suburbs of Chicago which includes Country Club Hills(13.669%), Homewood (10.805%), Matteson(9.877%), Park
Forest13.812 and 16.805% depending on the district you live in), Richton Park(9.902%and 10.321%),
Flossmoor(11.535%), Olympia Fields(9.972%), Tinley Park(10.324%) and Hazel
Crest (11.894%)....the Local Tax Rate was increased to cover the
deficits these villages are economically suffering. Most people do not
know how to fight these increases...if you are a new homeowner..hold on
to your appraisal...you can submit it to the assessor office to show
your new property value and appeal your taxes.
New
homeowners should visit their assesor office to learn about how their
property has been assessed. If you are buying a house...you research the
area you are looking to buy in to make sure your tax dollars are being
spent correctly.
New Construction is assessed high
because it is assessed at current land value. The local tax rate for all
villages consist of various taxing districts such as: school taxes (if
your school system is poor and you are paying high taxes...watch out!)municipality/Township
taxes, Cook County Taxes and miscellaneous taxes. These things make the
local tax rate. Add that to the county rate and issues....we have high
property taxes.