Real estate tax bills are going up in Chicago!
Not much news value to that, I suppose. Last year, Richard Daley, the Mayor of Chicago, pushed through a real estate tax hike in the city that will bring more than $86 Million to the city coffers over the coming year. Much of the increase will come via escalating assessed property values throughout the city, affecting Tax Year 2007 bills, due in the Fall, 2008.
However, the market values on which the new Tax Assessed Values were based were calculated based on January, 2006 prices. In many neighborhoods of Chicago, average market values have decreased since that time - leaving property owners in these areas with unreasonably-high real estate taxes.
Now, the city is coming to the rescue, and offering an extended review period for property tax assessments. Normally, this official review and appeal process ends in mid-February. However, the Cook County Board of Review, at the urging of Mayor Daley, is re-opening the Tax Appeal Process for two more weeks, between March 17th and the 31st. The city will also assist Chicago homeowners looking to substantiate a lower market value, in order to lower their assessed value, and their likely real estate tax bill later this year.
Homeowners most likely to benefit from the extended appeal process include those in Chicago Neighborhoods where average market values actually declined since 2006. According to data compiled by the Chicago Association of Realtors, these North Side Chicago Neighborhoods include Norwood Park, Portage Park, Belmont-Cragin, and Dunning.
South Chicago Neighborhoods include Auburn-Gresham, Chicago Lawn, South Chicago, West Pullman, Roseland, Garfield Ridge, Gage Park, Calumet Heights, South Shore, New City, Englewood, and West Englewood.
Myer Blank, Executive Director of the Taxpayer Assistance Center of Chicago, estimates there are 2,400 vacant residential properties in the city currently, and 5,500 awaiting or in foreclosure. He is hoping proactive action to help homeowners now will help forestall foreclosure for many in distress, and maintain the strength of Chicago's tax base going forward.
Please see our post today on BlogChicagoHomes.com for more information, as well as a link to the Cook County Board of Review website to receive more information. Here, you'll also find a link to Gary Washburn's article in the Wednesday, March 5th edition of the Chicago Tribune.
DEAN & DEAN'S TEAM CHICAGO
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