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Old 04-08-2016, 04:58 AM
 
1 posts, read 810 times
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We are looking for a house and have found quite a few nice starter homes in Franklin Park, however, the property taxes on homes that cost 150,000.00 are in the 6000 to 8000 range. Why are the taxes so high? We can afford the mortgage until we see the taxes. We work in the city and Elmhurst so the location is ideal. Thank you for any feedback.
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Old 04-08-2016, 09:13 AM
 
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Few businesses to offset the cost of maintaining village services, so that cost is passed onto you as a tax payer.
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Old 04-08-2016, 09:30 AM
 
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Lack of businesses is certainly part of the equation; under Cook County's idiotic property tax system commercial properties pay a higher rate than residential parcels.

Historically Franklin Park has had many industrial and commercial sites, though as pressure on traditional employment has increased many have fled. The response of the municipal authorities have mirrored the actions of Mayor Daley and Rahm Emanuel -- an excessive reliance on TIF driven re-development. These things temporarily fatten the coffers of the developers, and perhaps the municipal government that controls the "increment" of potential increased valuation, but STARVES the school districts which in turn raise rates on homeowners. Franklin Park incentives drew handful of businesses in 2014 - Franklin Park Herald-Journal

Or guess what, same nonsense in Elmwood Park -- North and Harlem TIF established to draw development to Elmwood Park - Elm Leaves

Are tax increment districts (TIFs) hurting schools? | Examiner.com
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Old 04-13-2016, 09:27 AM
 
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Due to salary competition, pensions, benefits, and union contracts, the costs to run a school system in a lower-housing-cost suburb aren't a lot lower than those in a higher-housing-cost suburb. And a LOT of your property tax bill goes to your local school systems. So when there are only so many households to go to, you can expect property taxes on a suburban house to be above $5k pretty much anywhere in Chicagoland regardless of the actual cost of the house.
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