Mayor Daley and the Chicago City Council are working on a plan to overhaul property tax in the city. After major increases across the board, the mayor is working to reform the assessment process of home values around the city.
Under the current system, a home bought for an inflated price in the neighborhood can affect surrounding home values, resulting in higher property taxes for everyone in the area. Many neighborhoods were hard hit by a reassessment performed in 2006, at the height of the housing boom in the city.
The changes in the assessment process could mean big savings for homeowners around Chicago. Many are now paying property tax based on home values that are out of touch with real values in the city.
The announcement of proposed changes comes on the heels of an increase in the transfer tax on real estate transactions in Chicago. A panel of experts will look at a long term solution to problems with assessments by city inspectors.
A drop in sales around the Chicago region is leading to lower prices for homes in many neighborhoods in the city. Browse through the best Chicago Homes For Sale today and find the perfect home for you and your family.
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