Realistic expectation for property taxes next 5+ years (no politics please) (Chicago: real estate, condo)

[pete6032]

Looking to buy a home in Chicago and wondering what the consensus is on property taxes. Taxes on a condo right now are not bad, but what should I expect 5 years from now? Realistically should I expect that taxes could be double what they are now? Seems like CPS, the City, police, and fire all have pension problems, so it wouldn't just be city property taxes going up right?

[damba]

Real estate is local and Chicago is massive. There is no ‘one size fits all’ scenario.

[dtcbnd03]

Property taxes in Chicago and Illinois will continue to increase until true pension reform happens. Owning a home is great for personal reasons...but is an expense and not an asset. It only makes some financial sense given leverage and appreciation. Unfortunately for a condo, do not expect any inflation-adjusted appreciation as rising property taxes will eat all that up. At some point I expect primary home deflation in Chicago (or maybe that's already happening). These two articles below pretty much sum it up:

https://chicago.curbed.com/2019/10/3...y-taxes-report

https://www.chicagobusiness.com/resi...s-flat-chicago

[smegmatite]

I'd budget about a 10% increase per year just to be on the safe side

[MSchemist80]

I bought a house 2 years ago and within a month I got a notice they wanted to increase my property taxes 13% so I filed an appeal with the board and they increased it 10% instead. Next year another notice for 13% so I appealed to the township assessor's office and again 10%. So my property taxes have gone up 20% in two years and my property's market value between 1 and 2% according to most sites and comp sales.

The state owes $250E9 in pension debt, property taxes are basically a blank check that any governing body or school district can raise to whatever they want in a back room, the state is losing population, and Governor Madigan's Sock Puppet thinks things are going great in Illinois. Needless to say that does not bode well for the future.

https://abc7chicago.com/5887994/

Originally Posted by Illinois' Baghdad Bob

"I'm here to tell the carnival barkers, the doomsayers, the paid professional critics: the state of our state is growing stronger each day," Pritzker said.

[beaniemac]

I just received received my spring bill and it was a little bit higher than last year. but compared to 2016, my taxes property taxes have basically gone down 50%, so that's a great thing. I did apply for and receive a homeowners exemption a few years ago which knocked off $1100 from my taxes.

[beaniemac]

I was just on the cook county assessor's website, and last year, my spring taxes were like $1500, and the fall was $150

Then this year, my spring taxes are $941 only.

And you guys thought living out south sucked.

my sister meanwhile is paying like 8K annually in taxes on the near west side.

[Di3s3l_Pow3r]

about the same, will not go up more than inflation... already high and people are fed up

[Bitey]

You can't separate politics from property taxes around here. The city has amassed huge unfunded liabilities that can't be discharged in bankruptcy and the taxpayers just got steamrolled by the CTU yet again, so of course they'll keep coming back to the taxpayers for more money to throw into the fire.

Additionally, there are a growing number of property owners in distressed neighborhoods who have simply stopped paying their property taxes -- and why should they? Their property has become so devalued they know there's a 90%+ chance nobody will bother speculating on property when the tax auction so there's little danger they'll lose their property. So guess who picks up the slack...

[Hiruko]

Based upon what I look at with regard to the northern suburbs, I would bank on a 5-15% per year increase. You can save a lot by appealing at every opportunity.