There is upside here: 1. If the value of your place tanks, you should reap the tax rewards in a couple of years. 2. We might still have one newspaper, even if it only comes out once a week.
Cook County assessor James Houlihan and Senate president Emil Jones wanted to raise the exemption to $40,000 permanently. Madigan successfully insisted that it only be bumped up to $40,000 for a year, and that’s what was applied to your last tax bill. It fell to $26,000 for this tax bill, and next year it’ll drop to $20,000, the same as it was four years ago...
...your 2007 property taxes — the ones you’re paying now — are based on an assessment done in 2006, when the housing market was still strong. The impact of the current bust won’t be felt on tax bills until the next assessment, in 2009.
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Check this out. That $26,000 sounds like a hyooooge number. Except I believe the real effect is that number multiplied by the tax rate. Which here is 5%. So this year your taxes can be reduced by up to $1,300 (I think)by the homeowners exemption. My exemption was about $900, so I got a good chunk, but it was a whopping 3% of the number used in the article.
I see no upside. As they say, if I get the value of my place down, they just hike the tax rate. Check dis page out for how they con us I mean figure out the tax we owe. The property value for my place is way below what I bought it for, so I should be happy, right? Nope. See, they have a state equalization factor to "even out" differences in assessments from county to county across the state. My multiplier is almost 3. So if I multiply my property value by 3, you end up with waaaaaaaaaaaaay more than I paid for it. I mean over $100gs more. They take 16% of that number to assess taxes on. Then they take out a homeowners exemption, udderwise it'd be even higher if I was one of dem investor flipper types.
I think. I mean, I think I know, but do I know? THAT'S the frustrating part. I honestly think that Federal taxes are easier. Well, they take longer, but I kinda understand what's going on there. Here I don't. Which is probably why they figure it out for me, not the other way around.
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