It was only five months ago that Chicagoans faced the largest property tax increase in the history of the city. However, lawmakers at City Hall are preparing plans to increase property tax yet again in Chicago.
Plans call for a $40 million increase in property taxes across the city. The funds would be earmarked for city schools, which are facing a shortfall of nearly $100 million. The last rise in property taxes earlier this year raised about $83 million for city schools.
Homeowners around the city of Chicago won’t see a huge difference in their tax bills with the rise. The increase would be just under $10 for every $100,000 in the appraised value of a home. However, the news comes on the heels of one of the worst markets in recent years.
Sales of single-family homes have dropped steadily over the past three years. According to data from the Chicago Association of Realtors, sales of single-family homes were off by more than 35 percent during the first quarter 2008. A total of 1,175 Chicago Homes were sold during the quarter, the lowest total for the period since 1992. Higher taxes on real estate can’t help an ailing market.
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