Flossmoor?

[gregbuck]

Originally Posted by flamadiddle

Yeah, we've been considering moving back and I looked at homes in Flossmoor and quickly ruled that area out after seeing the property taxes. Wow! Here's a good example of absolute tax insanity. A home priced at $599K with a property tax of $21K ? 1518 Braeburn Avenue, Flossmoor IL - Trulia

It isn't so much the dollar amount of the property taxes that is of concern. Flossmoor is a nice area and home buyers generally expect high property taxes when looking in an area like flossmoor. I just see too many higher end homes that are so drastically over assessed. This mostly affects current homeowners by shaving what can amount to $100's of thousands of dollars off the resale value. There is an unequal distribution of the property tax burden put on many of the higher end homes in flossmoor. Of course the money has to come from somewhere. But the property tax burden should be more equally spread out. Instead of just saddling higher end properties in the area with extremely high property tax bills. It hurts the area housing market as a hole. As the depressed resale prices of higher end homes creates a lower price ceiling for the rest of the housing market. The over taxing of higher end properties in flossmoor has gotten ridiculous. It's currently to the point where the difference in resale values between the higher end homes in flossmoor and the mid range homes is only about $200k-$300k. No where near what similarly taxed high end homes in nice western suburbs or the north shore would sell for. Which generally have a price difference of over a million dollars between the mid range homes and the higher end homes within the community.

[chet everett]

Originally Posted by gregbuck

It isn't so much the dollar amount of the property taxes that is of concern. Flossmoor is a nice area and home buyers generally expect high property taxes when looking in an area like flossmoor. I just see too many higher end homes that are so drastically over assessed. This mostly affects current homeowners by shaving what can amount to $100's of thousands of dollars off the resale value. There is an unequal distribution of the property tax burden put on many of the higher end homes in flossmoor. Of course the money has to come from somewhere. But the property tax burden should be more equally spread out. Instead of just saddling higher end properties in the area with extremely high property tax bills. It hurts the area housing market as a hole. As the depressed resale prices of higher end homes creates a lower price ceiling for the rest of the housing market. The over taxing of higher end properties in flossmoor has gotten ridiculous. It's currently to the point where the difference in resale values between the higher end homes in flossmoor and the mid range homes is only about $200k-$300k. No where near what similarly taxed high end homes in nice western suburbs or the north shore would sell for. Which generally have a price difference of over a million dollars between the mid range homes and the higher end homes within the community.

I am sure with the right kind of "pitch" to the various polticians, an appropriately large enough gathering of homeowners, and of course some nice TV news crews this could make a VERY interesting story...

[gregbuck]

Bottom line, Flossmoor's median property tax bill per home of $8,409.14 isn't out of line. For a community like Flossmoor. Most residents living in Flossmoor want that standard of living. But, the low sales prices of higher end homes with extremely over assessed property taxes. Shows the distribution of property taxes needs to better reflect the resale values within the community. A lot of more moderate homes in flossmoor are proportionately under assessed.

[flamadiddle]

Originally Posted by gregbuck

Bottom line, Flossmoor's median property tax bill per home of $8,409.14 isn't out of line. For a community like Flossmoor. Most residents living in Flossmoor want that standard of living. But, the low sales prices of higher end homes with extremely over assessed property taxes. Shows the distribution of property taxes needs to better reflect the resale values within the community. A lot of more moderate homes in flossmoor are proportionately under assessed.

I dunno greg... here's a couple modest Flossmoor homes with exorbitantly high property taxes.

Priced at $269K with $19K property tax?
1510 Tearle Court, Flossmoor IL - Trulia

Priced at $190K with $13K property tax?
http://www.trulia.com/property/31367...smoor-IL-60422

Interesting Budget perspective on page 3 here > http://www.flossmoor.org/vertical/si...lossSummer.pdf

[gregbuck]

I wouldn't consider those to be moderate homes. The first home is a 4300 sqft newer home. Sold new in 2005 for over $700k. Yes, it's moderately priced now. As a foreclosure. And the taxes are pretty high. Most of the homes in that new subdivision are over taxed and there have been a lot of foreclosures. Higher foreclosure rates is another result of over taxing. Even now if you bought that home in foreclosure. The property taxes would be higher than the actual mortgage.