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Old 01-26-2017, 12:57 PM
 
Location: NW Indiana
44,348 posts, read 20,051,946 times
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Quote:
Originally Posted by CGab View Post
AGAIN......this thread is not about Illinois versus Indiana. Per the OP it's about the demise of property values in Illinois.
What he said ^ . People, consider the topic of the thread before you post.

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Old 02-04-2017, 07:18 AM
 
335 posts, read 334,068 times
Reputation: 258
Just got the tax bill for the house we're renting in LG and it's up to 3% now ... (we're cook, but very close to Dupage):

Analysis: Property taxes rapidly eroding DuPage home values | Dupage Policy Journal

Last edited by Taco1234; 02-04-2017 at 07:26 AM..
 
Old 02-04-2017, 07:49 AM
 
3,495 posts, read 2,185,003 times
Reputation: 1950
Quote:
Originally Posted by Taco1234 View Post
Just got the tax bill for the house we're renting in LG and it's up to 3% now ... (we're cook, but very close to Dupage):

Analysis: Property taxes rapidly eroding DuPage home values | Dupage Policy Journal
Huh? First installment is always 55% of prior tax year. You won't know if it increased or decreased for current tax year until second installment.
 
Old 02-04-2017, 07:52 AM
 
335 posts, read 334,068 times
Reputation: 258
Quote:
Originally Posted by My Kind Of Town View Post
Huh? First installment is always 55% of prior tax year. You won't know if it increased or decreased for current tax year until second installment.
It's 3% of the assessed value of the house. It's higher than it was for previous bill... I saw it with my own eyes on county website. Sorry...
 
Old 02-04-2017, 08:04 AM
 
335 posts, read 334,068 times
Reputation: 258
Quote:
Originally Posted by Taco1234 View Post
It's 3% of the assessed value of the house. It's higher than it was for previous bill... I saw it with my own eyes on county website. Sorry...
What I'm saying is (based on August bill/march bill, which I hadn't compared to any previous bills bc we didn't live here) the tax rate is 3%. Year before it was 2.8.
 
Old 02-04-2017, 08:08 AM
 
3,495 posts, read 2,185,003 times
Reputation: 1950
Oh and the article you posted is ridiculously biased. Cherry picking numbers to make things sound much worse than they are. For example, article states "Hinsdale home prices fell 25 percent from 2007 to 2015." And then states "If trends hold up, a Hinsdale home worth $939,000 in 2007 will be worth $684,988 in 2023." Conveniently omits the significant real estate appreciation seen in Hinsdale in 2016 and then extrapolates the "trend" following the Great Recession over the next 8 years despite the fact that the current trend is to the upside:

https://m.trulia.com/real_estate/Hinsdale-Illinois/

Hinsdale IL Home Prices & Home Values | Zillow

But I guess that would disprove the entire premise of the article...
 
Old 02-04-2017, 08:12 AM
 
3,495 posts, read 2,185,003 times
Reputation: 1950
Quote:
Originally Posted by Taco1234 View Post
What I'm saying is (based on August bill/march bill, which I hadn't compared to any previous bills bc we didn't live here) the tax rate is 3%. Year before it was 2.8.
Still doesn't make sense what you are saying. The March bill (first installment) is simply a percentage basis (55%) of the prior year. It is simply an estimate. It tells you nothing about the tax rate for the current tax year. You would have to compare the SECOND installment later this year in August to the prior year second installment to determine if there was an increase or decrease.
 
Old 02-04-2017, 08:29 AM
 
335 posts, read 334,068 times
Reputation: 258
Quote:
Originally Posted by My Kind Of Town View Post
Still doesn't make sense what you are saying. The March bill (first installment) is simply a percentage basis (55%) of the prior year. It is simply an estimate. It tells you nothing about the tax rate for the current tax year. You would have to compare the SECOND installment later this year in August to the prior year second installment to determine if there was an increase or decrease.
That is what I'm saying. I hadn't compared the August one to prior year's bill. Now that I looked up the current one (and noticed what is was compared to 2015) it's now 3%.
 
Old 02-04-2017, 08:41 AM
 
3,495 posts, read 2,185,003 times
Reputation: 1950
Quote:
Originally Posted by Taco1234 View Post
That is what I'm saying. I hadn't compared the August one to prior year's bill. Now that I looked up the current one (and noticed what is was compared to 2015) it's now 3%.
Ok...that's not how the initial post was phrased but whatever. Anyways, my 2015 property taxes (second installament last year) actually decreased from the prior tax year despite home value appreciation so I was quite happy about that. My property taxes were just over $5k on a home valued ~$450k for a ~1.1% effective tax rate. I'm definitely not complaining about that!
 
Old 02-04-2017, 08:57 AM
 
768 posts, read 1,103,190 times
Reputation: 370
We are paying 2% in DTLG living in the heart of town... Exactly same as what we paid in MI in a similar highly desirable vibrant town historic core...

MKOT --- 1.1... wow, enjoy that while it lasts...
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