Many Cook County homeowners will be unpleasantly surprised next month when they open their property tax bills and find they owe even more as the value of their home has dropped amid an economic slump, county officials and tax experts said Wednesday.
The warning came as Cook County Clerk David Orr released the rates used to calculate property tax bills set to be mailed at the end of this month. The first payment on the bills is due Nov. 3.
...Chicagoans will face a double whammy. Tax bills will be based on home values as of Jan. 1, 2006, before the lending crisis began battering the housing market. At the same time, the benefits of the 7 percent cap will drop significantly this year for many city homeowners.
"Voters are facing a unique confluence of property tax issues this year," said Laurence Msall, president of the Civic Federation.
Dispatches from Chicago's south side.
Friday, September 19, 2008
Cook property tax bills will depend where you live
Clout St.:
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