A Wake-Up Call for homeowners in Chicago
In a new report released by the Cook County Treasurer’s office, it has been unveiled that property tax increases in Cook County have far outpaced the growth of wages and the cost of living. One particular property in Logan Square has seen its taxes increase by over 300% since 2000, shining a spotlight on the alarming trend. This report has sent shockwaves through the community, with many residents feeling the burden of skyrocketing property taxes. In this article, we will delve deeper into the findings of the report and discuss the implications for homeowners in Cook County.
Cook County Treasurer, Maria Pappas, is the person responsible for collecting property taxes across all taxing districts in the county. She describes this report as a wake-up call, emphasizing the importance of addressing the issue sooner rather than later. Her office embarked on a major project during the pandemic, meticulously examining 20 years of data to compile what is now known as the Pappas Report. The report highlights the steep rise in property taxes in Cook County and the city of Chicago.
To provide some perspective, the report compares the increase in property taxes with the rise in the cost of living and wages since 2000. While the cost of living has gone up by approximately 36%, and wages have increased by almost 57%, property taxes have seen much higher growth rates. In suburban Cook County, residential and commercial property taxes have risen by an average of 87%. The situation is even more concerning within the city of Chicago, where property taxes have surged by an average of 114.8%. Some homeowners have experienced exorbitant increases, with properties on the upper end of the scale seeing their taxes rise by as much as 573%.
One such property is located on West Cortland in Bucktown. Since 2000, its property taxes have skyrocketed from around $2,800 per year to over $19,000 per year, marking a staggering 573% increase. Homeowners in this area are feeling the strain, with one resident expressing their distress, saying, “It’s bad. They’re chasing people out of the city.” This sentiment is echoed by others, with longtime homeowners being forced to sell their properties and move out of the neighborhood.
The report sheds light on the alarming impact of rising property taxes on homeowners, many of whom are struggling to keep up with the financial burden. It also raises questions about the effectiveness of the property tax system and the role of lawmakers and politicians in addressing these issues. Pappas emphasizes the importance of citizen involvement and increased voter turnout to influence policy reform and keep property tax costs under control.
To learn more about the findings of the Pappas Report and the implications for homeowners in Cook County, visit the Cook County Treasurer’s website. The report serves as a stark reminder that action needs to be taken to address the unsustainable growth of property taxes in the area. By raising awareness and actively participating in the political process, residents can work towards creating a fair and equitable property tax system.
In conclusion, the property tax report released by the Cook County Treasurer’s office has unveiled shocking increases in property taxes that far surpass the growth in wages and the cost of living. The burden on homeowners in Cook County is becoming increasingly unsustainable, with some properties experiencing tax increases of over 500%. This report serves as a wake-up call and emphasizes the urgent need for reform. By actively engaging in the political process and advocating for change, homeowners can strive towards a fair and manageable property tax system.