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.