When it comes to stupidity, the government of the city of Chicago leads the way. Must be why they call it the Chicago Way…
Property owners in Chicago are facing rampant rent increases as they face property losses of up to 20 percent at the same time. Yes, I know that government costs increase, but our incomes are not rising. Chicago needs to tighten it’s belt when things are tough, not just raise taxes.
Because here is the dirty secret. Chicago is cool and fun and a special place to live. Sure, but there are other places to live that may not cost that much and might be almost as fun. And if my rent goes up 20 percent to pay for more government, I may rethink the need to live in the city. And if enough people do so, then you will have an empty shell that will support no government.
Wake up Chicago, before it is too late.
Double-digit tax-assessment hikes on rental apartments during one of the worst real estate recessions since the Great Depression are sparking a rebellion among North Side apartment owners and managers who are seeking tax relief from Cook County.
“Cook County Assessor James Houlihan is attempting to extract higher assessment values for apartment buildings when the comparables clearly show declining values in the softest real estate market since 1929,” said Stuart Handler, chief executive officer of Chicago-based TLC Management Co.
“How can apartment assessment values rise sharply during a period when resale values dropped 20 percent or more?” asked a shocked Handler, whose TLC Management manages more than 2,200 rental units in 21 apartment buildings along Chicago’s lakefront.
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Question: Are condominiums affected as well by this or not?
I would assume so, if you are paying property tax in your community fees then they will rise. This day and age the government comes first…
I was shocked when I learned our real estate tax bills are going up. Local government needs to make cuts. We can't be the most overtaxed region in the U.S. Jobs will go.
Why should anyone be shocked? We live in a one party democratic state and politicians have nothing to fear from the voter.
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