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Tax Blog

 

Will the 2024 reassessment of Chicago amount to "the worst of all possible scenarios?"

Cook County's Second Installment 2023 tax bills go out next week, marking the first time since 2020 and the Covid-19 pandemic property owners will see their second bill arrive on time. 

Those hoping for a gentle reassessment of downtown commercial property might be in for a rude awakening. 

She writes, "When I examined this supposed 'comp,' I saw it was a much bigger, fancier unit housed in a 21-year-old building. Remember, my building is 122 years old."

Residential property tax assessments in the city of Chicago could grow by more than 40% in 2024, which would cause property taxes to further skyrocket...

Residential owners carried the majority of the burden. 

"It's just a matter of time," said American businesswoman Meredith Whitney, regarding a potential crash of the hot housing market in the US.