Yesterday, Cook County Clerk David Orr released the 2010 property tax rates for more than 1,500 taxing agencies in Chicago and Suburban Cook County. In summary, the tax rate imposed by Cook County in 2010 is up 7.36%, by the Water Reclamation District 4.98%, and by the city of Chicago 3.04%.
And the City of Chicago is in the middle of a three year reassessment cycle which is reducing the maximum homeowner exemption.
Lisa Donovan of the Chicago Sun Times reported that the double whammy impact could translated to a 12% hike in taxes paid by the average homeowner. Furthermore she noted that homeowners can consider property tax appeals to determine if and how much their tax burden can be lowered due to falling home prices...but per Bill Vaselopulos, tax extension manager in Cook County Clerk David Orr’s office, homeowners shouldn't immediately expect a reduction in assessed value because their property value went down....OUCH!
Are you serious? The City of Chicago has a massive deficit, Governor Quinn previously approved an increase in the tax rate to more than 10% (nearly the highest in the country), and they think this is a good idea??? When are beaurocrats going to get in touch with the world?
The announcement can be read at:
http://www.cookcountyclerk.com/tsd/DocumentLibrary/2010%20Cook%20County%20Tax%20Rates%20Report.pdf
The report can be read in laborious detail at:
http://www.suntimes.com/csp/cms/sites/STM/dt.common.streams.StreamServer.cls?STREAMOID=NnJTR6prnBDagWEOREO__PP0e3iuprGgHn7nnRgqDkORVcUg6hXua06xOML_aupi4Aw$6wU9GSUcqtd9hs3TFeZCn0vq69IZViKeqDZhqNLziaXiKG0K_ms4C2keQo54&CONTENTTYPE=application/pdf&CONTENTDISPOSITION=2010cctaxreport.pdf
GOOD LUCK!
Michael Hobbs, PahRoo Appraisal & Consultancy
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