Opinion: Chicago Will Rise Again! (Harvard, Atlanta: college, property taxes, live)

[RamenAddict]

Originally Posted by Urban Peasant

DC has high taxes too and a higher cost of living than Chicago. DC winters are milder than Chicago's for sure (anyone recall President Obama, the Chicago native, scoffing at the schools being closed after 1/2 inch of snow fell on the ground?) but the summers are scorching hot and humid with no sea or lake breeze. The thing that props up Metro DC are all of those well paying private contractor jobs for companies doing business with the Federal Government. The trend is for such companies to locate near DC but that trend does not necessarily have to hold in the future. As for the South, it has its problems too. There will likely come a time when we have an economically conservative president balk at giving enormous amounts of aid to southern states to assist them from ever increasing weather and climate disasters (hurricanes, drought, etc.) and erstwhile Northern state residents will realize that moving down there wasn't all that was made to be. It is then that places like Chicago will look good again.

I agree. There are few places that don’t have issues now. Chicago has high taxes, but what people pay in taxes here is often outpaced by homeowners insurance costs in Florida, for example. DC is very expensive, and while TX doesn’t have state income tax, property taxes there tend to be close to what you find in Chicagoland.

[personone]

Originally Posted by RamenAddict

I agree. There are few places that don’t have issues now. Chicago has high taxes, but what people pay in taxes here is often outpaced by homeowners insurance costs in Florida, for example. DC is very expensive, and while TX doesn’t have state income tax, property taxes there tend to be close to what you find in Chicagoland.

Not being a native of Chicagoland, I have to say that Chicagoland offers some of the nicest collection of diverse suburbs of anywhere I'm familiar with in the country. You've got urban, inner-ring suburbs; the North Shore suburbs with gorgeous nature; modern western/northwestern suburbs; and older more blue collar south suburbs. And the prices, while not the cheapest in the country, are still cheaper than most of the metro areas on the coasts, on average. With remote/hybrid work becoming the norm, Chicagoland could be an attractive place for many.

I am originally from the DC area and honestly it's hard to describe it as "very expensive." There are pockets of very expensive areas, but there are pockets of very affordable areas too. Almost all of PG County, MD is very affordable. Of course that comes at the price of poorer schools and higher crime; though there are many nice suburbs that are very affordable. Even parts of Montgomery County (especially inner ring and far west) are very affordable. It is more on the Virginia side where it is very expensive and certain parts of Montgomery County are very expensive. But it is a myth that all of DC is "very expensive."

[Urbanphile]

Good discussion. I don’t know about quantum etc as someone described.

Dc property taxes are 0.85%, and Virignia and Maryland suburbs are 1 percent. Income Tax rates range from 6-9%

The very manageable property taxes reduces turnover compared to Illinois and Chicago of 2-3% property taxes.
High percentage of government workers have pensions.

Dc and surrounding metro will continue to grow. Most other countries, the capital region is the 1 or 2 economy. Us had unique characteristics of diversification, but with time, companies will continue to relocate there. In 20-30 years, it will be close to NyC in stature.

Just my opinion.

Chicago beautiful layout in downtown. The cancer of the local and state governement (taxation and rampant crime) is what keeps it flatline. Time will tell. I do own property in Chicago from living there and haven’t sold. Still praying they lower my taxes and the appreciation to match my places in other parts of country (boston, dc and Florida) not holding breath, but at least my interest rates are low.

[personone]

Originally Posted by Urbanphile

Good discussion. I don’t know about quantum etc as someone described.

Dc property taxes are 0.85%, and Virignia and Maryland suburbs are 1 percent. Income Tax rates range from 6-9%

The very manageable property taxes reduces turnover compared to Illinois and Chicago of 2-3% property taxes.
High percentage of government workers have pensions.

Dc and surrounding metro will continue to grow. Most other countries, the capital region is the 1 or 2 economy. Us had unique characteristics of diversification, but with time, companies will continue to relocate there. In 20-30 years, it will be close to NyC in stature.

Just my opinion.

Chicago beautiful layout in downtown. The cancer of the local and state governement (taxation and rampant crime) is what keeps it flatline. Time will tell. I do own property in Chicago from living there and haven’t sold. Still praying they lower my taxes and the appreciation to match my places in other parts of country (boston, dc and Florida) not holding breath, but at least my interest rates are low.

Agree. I think the Crime is what has plagued Chicago more than anything, including local/state government issues. It is the crime that has led to the downfall of Chicago's reputation, and I can attest. When I go other places and mention I'm from Chicago, usually at some point I will get the question, "is it really that bad out there?" The perception of crime, fair or unfair, is the biggest plague and stain on this city.

[biggap]

Originally Posted by Urbanphile

Good discussion. I don’t know about quantum etc as someone described.

Dc property taxes are 0.85%, and Virignia and Maryland suburbs are 1 percent. Income Tax rates range from 6-9%

The very manageable property taxes reduces turnover compared to Illinois and Chicago of 2-3% property taxes.
High percentage of government workers have pensions.

Dc and surrounding metro will continue to grow. Most other countries, the capital region is the 1 or 2 economy. Us had unique characteristics of diversification, but with time, companies will continue to relocate there. In 20-30 years, it will be close to NyC in stature.

Just my opinion.

Chicago beautiful layout in downtown. The cancer of the local and state governement (taxation and rampant crime) is what keeps it flatline. Time will tell. I do own property in Chicago from living there and haven’t sold. Still praying they lower my taxes and the appreciation to match my places in other parts of country (boston, dc and Florida) not holding breath, but at least my interest rates are low.

It helps those properties in D.C. have inflated values because of all the money that the federal government jobs bring. It'is true that slowly lowering the property tax rates (timing this alongside an economic upswing + reduction in crime) could really help the city see renewed investment and increased property value. While the rate would lower, it would spur new revenue opportunities for the city in high assessed values and more newly constructed property to tax.

[Urbanphile]

Did anyone else get their Chicago property tax lowered this year out of the blue?

[quigboto]

Originally Posted by Urbanphile

Did anyone else get their Chicago property tax lowered this year out of the blue?

Mine went up. I missed the window to appeal, but tried to get an exemption (Long time resident exception) and while I met the 10+ year requirement, I did not meet the requirement around % of tax hike.

[augiedogie]

Chicago's future is not good. Property taxes will continue to rise and drive more people out. Chicago has declined by 1,000,000 people since 1950. People keep leaving Illinois too. There's no reason to believe Chicago has a bright future. More like Detroit, imho.

[ggplicks]

Ah yes, Chicago, the city that has America's most diverse economy, the city with the 2nd most fortune 500s under New York, the city that has the fastest growing office market (Fulton Market) in America, the city that has the 2nd best transit system under New York, and the 7th richest city in the world, will become Detroit...a one industry town...right.

[Cool Arrow]

If Chicago fails then the entire Midwest fails. No other Midwestern city comes even close to Chicago. If the Midwest fails then the US will fail.