How Chicago's property tax increase smacks you

Sun-Times:

Property tax bills are about to hit Chicago mailboxes -- and it's gonna hurt.

Poor, heavily minority neighborhoods trying to make a rebound will get the worst of it. Homeowners in Fuller Park, West Garfield Park and Englewood -- where property assessments started to rebound before the housing market tanked -- will see their taxes soar as much as 71 percent.

Cook County tax bills are scheduled to be mailed out starting Oct. 1, county Treasurer Maria Pappas says. Payments on those bills will be due Nov. 3.

People living in gentrifying hot-spots -- New City, North Lawndale, Humboldt Park and the Lower West Side -- will see their property-tax bills rise from 24 percent to 33 percent over last year.

Not quite as bad: Tax bills for homeowners in Belmont Cragin, Jefferson Park, Dunning, Bridgeport, East Garfield Park, Brighton Park, Portage Park, Montclare and Woodlawn are up between 18 percent and 20 percent.

Here's PDF file from the Sun-Times as well. Median taxes in Chatham will go up about 1.4%, Greater Grand Crossing goes up 6.5% and Roseland goes up .9%. This is between what the median taxes were in 2006 and 2007.

I do wonder why poor neighborhoods have higher property tax rates than more affluent areas?

Here's more:

Citywide, the median property-tax increase will be about 8 percent, according to Cook County assessor's office projections.
...
Cook County Assessor James Houlihan blames state lawmakers for adding to the pain by not acting to keep in place a 7 percent cap on yearly increases in assessed property values. The cap had been imposed in 2004 in the face of complaints that followed soaring assessments in Chicago.

A new version, passed last year with support from House Speaker Michael Madigan (D-Chicago), phases out the 7 percent cap over three years, offering new deductions to homeowners who have lived in their homes at least 10 years and have household income under $75,000.

Via Uptown Update!