• Rahm Emanuel’s Chicago Tax Raise: Who Is Paying What?

    The Chicago Sun-Times recently reported that 42nd Ward of Chicago will be paying 25% of the property tax dollars coming in from the entire city which is a shocking statistic considering the city has 50 total Wards.

    Rahm Emamuel Tax Raise Chicago

    photo via Getty Images

    The Sun-Times goes on to relay that an additional seven other wards (most of them in close proximity to the 42nd Ward) account for an additional 25% of the total property tax tab.

    Considering there are 50 Wards, this means that eight of them, or 16%, pay 50% of the bill for everyone. Now, do understand these eight wards contain the most expensive real estate in the city but it does raise some topics for homeowners in these areas to consider when speaking to their real estate professional.

    Many homeowners have expressed overall concern about the tax increase and the unevenness of how the taxes are being collected but in general property owners in the city are more concerned about how this is going to personally affect them

    What are the specific concerns for homeowners?

    – how will this tax increase impact my ability to sell now or in the future?
    – How will this tax increase impact property values?
    – What impact will the increase have on the real estate market in Chicago overall?”
    – Should I sell before the increase goes into effect?
    – Who do I call if I feel my property’s taxes are incorrect or too high?
    – How does the property tax appeal process work in Chicago?

    If you own property in Chicago and want to know how the latest news on the property tax changes coming this summer will affect you specifically please know I am always available to speak or respond to an email on your specific situation.

    Remember, knowledge is power and you have a professional in your corner who’s always willing to help you make the right decisions!

    Written by Scott Newman
    For all questions or inquiries, email Scott Newman at scott@newmanrealtyillinois.com

    Last update: Feb 1, 2016

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