Property tax for Chicago residents increased by 13% as a result of the reform

Фото: Depositphotos

Chicago homeowners are in for a nasty surprise in their mailboxes at the end of the month: property tax bills that are 13% higher than last year.

These changes are related to the Chicago City Council’s record-breaking increase in real estate taxes and fees in October last year, initiated by Mayor Ram Emanuel.

By the year of 2018, when the innovation will be fully implemented, it is expected that the residents of the city will be charged with a financial burden of over $ 700 million annually.

The practical effects of the reform were revealed by the head of the Cook County Office, David Orr. For example, a homeowner whose value is approximately $ 225 thousand, may receive a bill for $ 3,6 thousand, which is $ 413 more than the previous one.

Mayor Emanuel said earlier that the city had no other choice (most of the funds received would be retired by the police and firefighters), while other supporters of the reform complained about the relatively low property taxes in Chicago with taxes in the surrounding suburbs.

However, as noted, property tax bills may differ significantly depending on households, since their taxes increase in accordance with the pricing of real estate.

In some areas, such as Gold Coast and South Loop, according to Chicago tax consultant Mayer Blanc, the cost of home ownership may even double.

In addition, as reported, the new accounts will affect the owners of office space. With a cost of $ 896 thousand, the tax increase will be about 10%.

The main beneficiary of the current reform is the pension fund, which will receive more than $300 million to pay pensions to retired police officers and firefighters. About $45 million more will be used by the school department for city infrastructure projects.

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