The Chicago Association of REALTORS® stands with countless community organizations, activists and elected leaders in expressing their growing concern over the extraordinary increase in property tax assessments throughout the City of Chicago.
While CAR understands the property tax assessment process in Cook County is complex and in need of lasting, substantive reform, 'we are highly concerned about the short-term impact of these assessments on future property tax bills for long-time residents and seniors within Chicago's neighborhoods,' they stated.
'Further, while CAR stands with housing advocates in a call for developing affordable housing in Chicago—it fears that the recent three-digit rise in assessments and the strong likelihood of higher future property tax bills will make sustaining the American Dream of owning a home an improbable reality,' the group said.
CAR President John Vranas stated, 'An increase in property assessments by its pure nature does not translate into increased property taxes. It is the total amount collected by government that determines the final property tax bill. As long as government continues to depend on property taxes to fund the preponderant cost of education and local services we will continue to force property owners to carry a disproportionately heavy tax load.'
From seniors to first-time home buyers, Chicago's neighborhoods are sustained by property owners and local businesses. Rising assessments and the fear of losing a home or business you have worked so hard to obtain due to high property taxes diminishes neighborhoods and ultimately this city.
CAR encourages all Chicago residents to closely review their assessments.
'If you believe you have received an extraordinary increase in your assessment based on the market value of homes in your area, you will need to file an appeal within 45 days of receipt,' they stated. 'It is important to note that your property taxes reflect the most current median values of like properties in your area, so even if your property tax has doubled from what you are currently paying you need to be aware of selling prices around you. Although property taxes increase your out-of-pocket expense, the flip side is that it is an indicator of the increase value of your home.'
For more information or to obtain an appeal form go to www.car-realtor.com or call CAR at (312) 803-4900.
