Tribune Calculator: How Much Will Your Property Taxes Increase? (Chicago: middle-class, rent)

[Lookout Kid]

I thought this was pretty cool. The Trib has posted a calculator that can tell you what your share of the Chicago property tax increase will be. The only information you need is your property's "assessed value", which you can find online. What if you're a renter? This may give you some idea about how much your rent will increase, as landlords will most likely pass these costs on to tenants.

Chicago property tax hike: What would it cost you? - Chicago Tribune

[emathias]

Originally Posted by Lookout Kid

I thought this was pretty cool. The Trib has posted a calculator that can tell you what your share of the Chicago property tax increase will be. The only information you need is your property's "assessed value", which you can find online. What if you're a renter? This may give you some idea about how much your rent will increase, as landlords will most likely pass these costs on to tenants.

Chicago property tax hike: What would it cost you? - Chicago Tribune

Around $600 for me.

[Lookout Kid]

Originally Posted by emathias

Around $600 for me.

Yeah, I would be in that ballpark too if I still owned my old condo. Not exactly a "game changer" for your typical middle-class property owner.

[MassVt]

Earlier threads had the estimate of around $41 a month for $250k homeowners, and that appears to be just about right. Chicago has decided to finally deal with this issue, and not just kick the political/financial can down the road for the next generation to handle. I still don't think that this will cause a mass exodus out of Chicago..

[flamadiddle]

The problem is that this is only the start. It doesn't address the many other pension funds that are underwater...

[emathias]

Originally Posted by MassVt

Earlier threads had the estimate of around $41 a month for $250k homeowners, and that appears to be just about right. Chicago has decided to finally deal with this issue, and not just kick the political/financial can down the road for the next generation to handle. I still don't think that this will cause a mass exodus out of Chicago..

I tend to agree. I also wish they'd raised these taxes 10 years ago to start addressing the pension issues then - we'd be in such a better position. Not that anyone enjoys paying additional taxes, but for something like pensions, the costs have only risen since then. At least by finally actually addressing them now, while painful, it adds some stability to the outlook.

[Vlajos]

$1000 more for us per year. We'll survive.

[Lookout Kid]

Originally Posted by Vlajos

$1000 more for us per year. We'll survive.

Until they jack the state income tax up to 45% and all of the businesses leave causing you to be unemployed and you can't sell your house because it's worth $25,000! The sky is falling! The sky is falling!

[via chicago]

Originally Posted by flamadiddle

The problem is that this is only the start. It doesn't address the many other pension funds that are underwater...

Or the fact that this budget also is working on the presumption additional help will come from Springfield (good one). And pension reforms that have been legally struck down.

[jman07]

People seem to be taking this surprisingly well. I think it was expected and not that big in he grand scheme of things.