It seems that lately in Illinois we are having a revolt of sorts against taxes. In Cook County, which includes the City of Chicago, there are more complications that are always mixed with politics called the 'Chicago Machine'. This is the 'tax tale' of a sold listing of mine in Schaumburg.
When the couple first bought the property in 2004 the taxes were $2870 per year. Looking back, that sounds like a great deal. Now the taxes are $5486 per year & will probably increase again for 2018. So in 14 years of ownership the property's taxes have increased $2616 which works out to be 52%.
Between the years of 2015 to 2016 the assessed evaluation of this house went up $48,720 from $170,780. That equated to a 26% increase just that particular year. Now I've been doing this for many years in the Schaumburg Area & rarely would I see a property increase in value $48 GRAND. It just doesn't happen in real life but it does happen in the made up world of the Cook County Assessor.
Just a little bit more info behind the scenes here. The Cook County Assessor uses Zillow to help assess your property's value for taxing purposes. Just in case you don't know, Zillow is one of the most inaccurate real estate websites on the internet being off by 20-30% on their 'Zestimates'. By Zillow's own admission, the site (depending on your area) can be off by a wide percentage and only should be 'used as a starting point' to figure out value.
So, the Cook County Assessor takes the made up, fantasy fudged numbers from a real estate site and reassesses the value of your home. This is the part where you should be getting mighty angry!
I hope you are outraged that this nonsense is going on. Currently the Chicago Tribune outed these guys & rightfully so. It's a sham, scam & many other things starting with an 'S'.