Cook and DuPage County Homeowners are again facing a sharper increase in property taxes this year than businesses. Once again, these increases are higher than the local rate of inflation.
In Cook County…
1 – Local governments countywide are seeking $743.8M in new taxes, bringing the total that property owners must pay to more than $19.9B.
2 – This is an increase of about 3.9%.
Meanwhile, in DuPage County…
1 – Local governments are getting another $143.8M in property taxes bringing the countywide total to $3.76B.
2 – That’s an average increase of 3.86%
Local inflation was only 3.1%.
In the past 30 years, tax increases have pushed up the total tab for property taxes in Cook County by $12.9B, or 184%. The average rate of inflation over that period was only about 80%.
Just in case you’re not keeping count, that’s more than double.
Local governments such as cities, villages, park districts, school districts, and the counties themselves keep asking for more money. This is the fifth consecutive year that the increased tax burden has fallen mostly on homeowners, as commercial property values have declined or grown at a much slower pace than those for homes.
Let me leave you with this…
It ain’t called “Crook” County for nothing.
If you’re a property owner in any of the local jurisdictions, you need a property tax attorney on retainer to consistently fight these ridiculous increases. Without one, a couple of things may happen.
1 – You might go broke.
2 – The value of your property won’t increase as quickly as it could because the property taxes will be too high.
When you go to sell a property, most buyers look at their monthly nut. If your property taxes are higher than they should be, it will decrease the amount buyers can afford for the principal and interest on a mortgage.
This will in turn decrease what you can get for the property.
If you need help in this regard, I have a couple of property tax attorneys that have done some great work for me.
And as always, if you’re having problems with your accounting and tax work, I’m waiting for your call.
We’re all going to get through this. Let’s get through it together..
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, Accounting and Tax Work, Tax Planning, or Tax Representation, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.AccountingSolutionsLtd.com
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