How much are property taxes in chicago

how much are property taxes in chicago

I cannot disagree that there are some rather high property taxes in the region and the difficultly in finding out both the likely direction of taxes and the "value" one gets for those taxes is quite a challenge.

The fact is that towns with a high average home price will tend to have lower tax rates. Similarly those tend to have the better performing school districts. nicer parks, more responsive local governments. The ability to deduct local property taxes from income taxes is also a nice plus for higher income tax payers.

The various exemptions that allow older folks / those with smaller income to get a break on taxes means that buyers really need to pay careful attention to homes when they are shopping

to avoid surprises come next cycle.

I much prefer our system of having local units of government be responsible for their own levies. When one cedes that control to the lawmakers in the state capital the inevitable result is that quality declines and costs rise.

In Illinois the various means of increasing local revenues, beyond property tax, are a legitimate means for some towns to have rather low property taxes. The biggest factor is the local portion of sales taxes -- this give an edge to towns with large amounts of retail space and significant taxable goods - services.

Amusment taxes, hotel taxes, and even various kinds of telecom taxes give towns like Rosemont, Oak Brook. Schaumburg, elk Grove Village and others relative bargains.


Category: Taxes

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