Huh? Homeowners blindsided by taxes
Fung's property tax bill was 50% higher than last years. 50%? And WTF am I getting 4 dat? Anyone? Better schools? Parks-Museum/Aquarium Bond? WTF is dat? Though Sarge would gladly pay anything that keeps Shedd going. I better find out where this line to protest is at.
I got the revaluation thing last year. I had NO clue what it meant. It didn't tell me what my new taxes would be. It was just a buncha numbers. Now Fung thinks he's as smart as any cookie out there, but he was just lost. Lost in those figgers. Now he's gotta pay 50% more. For the same ol' $#!+.
Listen to Fung complain. And it's not like he can't afford this increase. I just wonder how those who can't are coping. Because I can tell you I didn't budget for this. You can't budget for a 50% increase. And it sounds like others had even higher increases.
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First, let me say - you should challenge the tax bill. I have the name of an attorney if you want it. He will take a cut of what he saves you in taxes or doesn't get paid. He did a good job for us.
You've probably figured out the revalutation thing is critical. It tells you the assesed value of you property which is the number that the prevailing tax rate will be run on. You should know or learn the "mill rate" for Chicago so you can crunch the numbers next time. It has nothing to do with how much your property is worth and you are correct - it does not tell you your new taxes.
Keep in mind that with current tax laws, generally you property is revaluate every three years. I don'r recall in Chicago if they phase in your tax increase - but I would guess not - sounds like they throw it on you all at once. With any luck, the rate you pay now should be locked in for a while, but check with someone who can give you a definitive answer.
With regard to the services you receive - I agree the schools are very bad. In general, my experience was that in Chicago taxes were comparatively low and that services were also comparitively low. Right now we are paying about a grand a month in taxes, but we have good schools, good parks, etc. etc. etc. About the only thing I was happy about in Chicago was that like you, I was close to the lakefront. There are also several methadone clinics near you.
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