Massive Property Tax Hikes in Chicago
Chicago homeowners, particularly on the South and West Sides, are facing significant property tax hikes due to rising assessments and government spending on pensions.
A recent investigation by Illinois Answers and the Chicago Tribune revealed that over 37,000 homes in these areas have seen their assessments double or triple, leading to higher tax bills this fall.
- In Englewood, median assessments jumped by 119%.
- In Roseland, median assessments increased by 129%.
- In North Lawndale, median assessments rose by 160%.
These increases far exceed the 22% citywide median, putting a strain on low-income families who may struggle to afford the higher tax bills.
Even if I did sell, where would I go?
Property taxes are the primary funding source for local governments, and Chicago's continued pursuit of more funding rather than reducing spending exacerbates the issue.
Author's summary: Chicago's low-income families face massive property tax hikes.
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