News

Goodbye, ILLinois

Discussion in 'Chicago' started by spike308, Apr 1, 2013.

  1. absent

    absent F1 Veteran
    Lifetime Rossa

    Nov 2, 2003
    8,361
    illinois
    Full Name:
    mark k.
    It needs a surgery to remove the cancer that Madigan and his machine really is.
     
    Fiat2Ferrari likes this.
  2. bpu699

    bpu699 F1 World Champ
    Silver Subscribed Owner

    Dec 9, 2003
    11,741
    wisconsin/chicago
    Full Name:
    bo
    That's nothing... the property tax is ALREADY 5% of value per year...

    Bought a foreclosed 4 unit in Cicero 10 years or so ago, was worth 400-450 maybe, before the crash. Taxes were $15-16,000!!!! I fought it, got them down to $9000 based on purchase price ($120k or so, ish) - still outrageous.

    Water bill was $4000 a year, for minimum water usage. So, $20k to the town... CRAZY.

    The numbers worked for me based on the sale price. But we sold it this year after prices bounced back. I have no idea how the new guy will make it work. They will almost certainly double his taxes or more, based on sale price...
     
  3. amenasce

    amenasce Two Time F1 World Champ
    Silver Subscribed

    Oct 17, 2001
    27,452
    Paris / Chicago
    Full Name:
    Andrew Menasce

    Water was $4k a year?? $1k per unit??How big were the units?
     
  4. amenasce

    amenasce Two Time F1 World Champ
    Silver Subscribed

    Oct 17, 2001
    27,452
    Paris / Chicago
    Full Name:
    Andrew Menasce

    Also do you need to fight every year? Or do you fight once and the city recognized the buy price at $120k and then based taxes on that value for the following years, adjusting if market goes up or down? How much to fight? Need a lawyer?
     
  5. absent

    absent F1 Veteran
    Lifetime Rossa

    Nov 2, 2003
    8,361
    illinois
    Full Name:
    mark k.
    Just built a 4k sqft home in Winnetka (Cook County), on 0.5 acre.Tax bill:$75k/year, knocked it down with a lawyer to $65k.
    This is ridiculous.......
     
  6. bpu699

    bpu699 F1 World Champ
    Silver Subscribed Owner

    Dec 9, 2003
    11,741
    wisconsin/chicago
    Full Name:
    bo
    500sf each, one bedroom. Total building sf 2400sf...

    The $4000 was the base, if I went over, it was more...
     
  7. bpu699

    bpu699 F1 World Champ
    Silver Subscribed Owner

    Dec 9, 2003
    11,741
    wisconsin/chicago
    Full Name:
    bo
    By buddy left winnetka a couple years ago. His house was 1.2m or so, taxes 30k a year. To be fair, I live in Wisconsin. The county I moved out of, Racine, had near identical tax rates...

    That’s still cheap compared to Cicero. You would be at 60k per 1mm...

    Stupid...
     
  8. bpu699

    bpu699 F1 World Champ
    Silver Subscribed Owner

    Dec 9, 2003
    11,741
    wisconsin/chicago
    Full Name:
    bo
    I fought it myself... it was a hassle. The headache of investing or living in Illinois isn’t worth it...

    I can’t begin to tell you of the masses moving to southeast Wisconsin... it’s impressive...

    Chicago is considering doubling the tax rate to get out of its deficit. Let that sink in...
     
    Fiat2Ferrari likes this.
  9. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    12,600
    Unreal...why do people want to live in that area? Fall and Spring are nice, but the rest of the time it seems terrible...
     
  10. amenasce

    amenasce Two Time F1 World Champ
    Silver Subscribed

    Oct 17, 2001
    27,452
    Paris / Chicago
    Full Name:
    Andrew Menasce

    Wait, are you telling me there is a minimum the city charges you for water?? Regardless of use?
     
  11. bpu699

    bpu699 F1 World Champ
    Silver Subscribed Owner

    Dec 9, 2003
    11,741
    wisconsin/chicago
    Full Name:
    bo
    Sure, all cities do, I think...

    No?
     
  12. JP365

    JP365 Formula Junior

    Mar 8, 2007
    931
    Chicago
    Full Name:
    John Fanning
    I believe Chicago is the only one with a flat rate for water and that is only for non-metered accounts. I totally agree with the tax complaints in this thread , but water is a little different. The higher rates (at least in Chicago) are to rebuild and modernize the distribution and reclamation of water and get people to get a meter and actually conserve water. Lake Michigan really is under attack. States with overbuilding and water shortages are trying to break the Great Lakes Compact. The Waukesha case is just the beginning. Waukesha is a little weak on the reclamation and treatment process. We are the Middle East of fresh water. We (States and cities on the Great Lakes) posses roughly 20% of the worlds fresh water and serve over 40 million people. What happens when the demand goes up and there is no viable way to reclaim and treat the waste water to make it drinkable again? This isn’t tree hugging, it is simple math.
     
    Fiat2Ferrari likes this.
  13. JP365

    JP365 Formula Junior

    Mar 8, 2007
    931
    Chicago
    Full Name:
    John Fanning
    You fight it when the township within the county does a triennial reassessment. Once you receive the notification you have a set period to appeal. You can appeal your home value/tax assessment no matter where you live. Lack of uniformity is the most common cause on the appeal form.
     
    amenasce likes this.
  14. JP365

    JP365 Formula Junior

    Mar 8, 2007
    931
    Chicago
    Full Name:
    John Fanning
    Chicago’s property taxes have historically been artificially low. Cook County has the 1.5 multiplier. STATE law for 70+ years AFAIK, definitely reauthorized in 2016 or 2017. Meant to adjust for downstate farms so the tax rates are fair. Ha! BUT, unlike most Cook County suburbs, Chicago does not apply the .5 multiplier for education. Looks like it’s coming. FWIW.
     
  15. amenasce

    amenasce Two Time F1 World Champ
    Silver Subscribed

    Oct 17, 2001
    27,452
    Paris / Chicago
    Full Name:
    Andrew Menasce
    What is the logic?
     
  16. JP365

    JP365 Formula Junior

    Mar 8, 2007
    931
    Chicago
    Full Name:
    John Fanning
    Not trying to get personal, just trying to understand how they got that number. Are you saying the township used the 10% of valuation for new homes or local comps?
     
  17. amenasce

    amenasce Two Time F1 World Champ
    Silver Subscribed

    Oct 17, 2001
    27,452
    Paris / Chicago
    Full Name:
    Andrew Menasce
    What is the 1.5 multiplier?
     
  18. JP365

    JP365 Formula Junior

    Mar 8, 2007
    931
    Chicago
    Full Name:
    John Fanning
    Here’s the short answer. The Illinois dept of revenue sets a rate to create an EAV Equalized Assessed Value for properties. It varies by county. They look at sale prices and then use it to calculate assessed value. The multiplier will then either raise or lower your tax bill depending on the municipal taxes. BTW it isn’t 1.5 for 2018, it is 2.9627 for Cook County. Ugh. Naperville has several different ones If I’m not mistaken. If you want more information, Google Illinois property tax multiplier and you can find the 34 page explanation from the state. I find it is very good at curing low blood pressure
     
    amenasce likes this.
  19. JP365

    JP365 Formula Junior

    Mar 8, 2007
    931
    Chicago
    Full Name:
    John Fanning
    I couldn’t find the DuPage multiplier for 2018, but according to the DuPage County Tax Revenue Website, it was 1.0 for 2016 and 2017. They have a fairly easy to read downloadable tax rate booklet under the “What are the Tax Rates for the Taxing Districts in DuPage County” section. Hope this helps. Don’t know when your appeal window is.
     
  20. amenasce

    amenasce Two Time F1 World Champ
    Silver Subscribed

    Oct 17, 2001
    27,452
    Paris / Chicago
    Full Name:
    Andrew Menasce

    I ll read this next week. This week was already stressful enough.
     
  21. JP365

    JP365 Formula Junior

    Mar 8, 2007
    931
    Chicago
    Full Name:
    John Fanning
    Totally understand. As I said, cures low blood pressure, causes high ;)
     
    amenasce likes this.
  22. absent

    absent F1 Veteran
    Lifetime Rossa

    Nov 2, 2003
    8,361
    illinois
    Full Name:
    mark k.
    I'd like to know myself.
    Old house that I demolished was similar size and the tax was 18k, County made their appraisal of the new home only from the outside.
     
  23. JP365

    JP365 Formula Junior

    Mar 8, 2007
    931
    Chicago
    Full Name:
    John Fanning
    I know New Trier Twp puts a premium on education, but that sounds high even by their standards. Might be worth pulling comps on your own for an appeal when your twp opens for appeals. Good luck.
     
  24. TheMayor

    TheMayor Seven Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    75,111
    Vegas baby
  25. spike308

    spike308 F1 Rookie
    Silver Subscribed

    Nov 8, 2003
    3,927
    Austin TX!
    Full Name:
    Mike Z
    just watch...
    they will add additional taxes to anything that is in the ground, on the ground, rolls, floats, flies, etc.
    heck, why not a text tax like CA is proposing?
    property owners is the easiest thing to START with....
    The "revenue" will not put a dent in the black hole of ILL finances.
     

Share This Page