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...
"It's just a matter of time," said American businesswoman Meredith Whitney, regarding a potential crash of the hot housing market in the US.
Home prices in Cook County and Chicago fell in September for the ninth consecutive month. However, in the microcosm of metro area Chicago prices continue to rise at the highest rate in the nation.
New data released by the Cook County Treasurer show suburban home and business owners taking disproportionate share of $610 million in additional property tax paid in 2022.
In a suspect development, Cook County Assessor Fritz Kaegi's home assessment fell by 5% while Oak Park assessments jumped by 30%
Chicago sales fell by a mere 1.5% after the dip in the early months of 2023. In the week of April 30, Cook County homes on average sold for 99.5% of their asking prices, according to online real estate marketplace Redfin.