Chicago Property Taxes seem to be a losing battle every year for homeowners. We hear from sellers and buyers often concerning property tax issues. High property taxes can be a deterrent for buyers when you’re selling your home. It’s important that today’s sellers understand how their property taxes compare to the homes around them.
2019 Tax Increases
In 2019, homeowners faced the 3rd installment of the water tax hike. The cost for Chicago water will rise from $1.28 per 1,000 gallons used to $2.01 per 1,000 gallons according to the city. This additional tax revenue will be used by the city to fund the Municipal Employees’ Annuity and Benefit Fund.
Chicago homeowners will also be responsible for the fourth and final installment of the largest property tax increase in Chicago history. This tax hike was approved in 2016 to pay for pensions for the city’s police officers and firefighters. The average homeowner in Chicago can expect to pay upwards of $100 more this year.
Depending on your location in Chicago, the 2018 reassessment had the chance to increase your tax bill by 12% to over a 100% increase. The new system for assessing has come under criticism. Some of its calculations showed a doubling of a home’s value in just 3 short years! In Chicago, the 2018 expected property tax bill increases will come due in August 2019, when the second installment of the bill arrives.
Lowering Your Property Tax Bill
When it comes to your property taxes, you do have opportunities to lower them. Homeowners in Chicago should take advantage of the homeowner’s exemption. These exemptions can reduce the assessed value of your home, thereby lowering your tax bill. At Zimmerman Property Group, all of our agents are up to speed on the latest tax changes and would love to help answer your questions. We can also give you the detailed instructions on how to make sure you’re taking advantage of all tax exemptions available to you.