Property Tax??

[bungalowdweller]

Originally Posted by HOWELL_STREET

Dear Friend:

Let's talk about Wheaton, IL regarding taxes. That's because I know the area. New houses are selling for $500K to $1,000,000. They are built on very tiny lots. As a guess, perhaps 1/8 of an acre. Such a house (estimated) has a property tax of approximately $8,000 to about $16,000. That depends upon whether it is located in the town of Wheaton or in the adjacent semi-rural areas of Milton Township. A good majority of your tax bill will be for the local school district. And that could amount to over fifty percent of the total property tax bill.
To build a new house in Wheaton, the building permit now costs $4,000 per house. There is no way to get around that expense.
Increased taxes - - and that will always happen in the future - - is directly in proportion to the 'immigrants' moving into Wheaton. By immigrants, I don't mean International folks. I just mean people moving from one suburb to the next. I like to call that the Domino Effect. It seems that everyone wants to move to the Chicago area suburbs. So more people moving into any town, the higher one's property taxes go.

If the market improves, I will be one of those people moving in. I have been looking on-line in North Wheaton near the train. The taxes that I've seen listed (anywhere from $4-6000) are high but not impossible for me.

Last spring I called the Cook County Assessor because a retired neighbor called me in tears, telling me that she was told that her taxes were slated to double. I figured that she just misunderstood. The near west suburbs had gone through a reassessment so I expected an increase but was not prepared for what I was told.

I live in CICERO and own a 1300 square foot 3br 1ba brick bungalow. The neighborhood is lousy but the house is a gem and I will never have the privilege of owning one like it again. I paid approximately $3500 in taxes last year. The Assessor's office told me that since the 7% property tax had gone away, that I should expect to pay $6580!!! I nearly dropped the telephone. I kept repeating ,"CICERO! We're talking about Cicero!" No mistake. Granted, my house is 4 blocks south of Oak Park and there is heavy development along Roosevelt Road but there is definately NO gentrification going on here!

And the biggest joke here is that the average house is worth about $250,000Can you all imagine what would happen here if there is no tax relief? The average family income here is $50,000. People would just walk away from their houses. Who in their right mind would buy a bungalow that is only worth $250,000 and pay "Oak Park" taxes???

The so-called property tax relief that is currently on the table will cause a massive exodus of people from suburban Cook. The proposal will be INCOME-BASED not Property value based! It allows for a reinstatement of the 7% property cap for those owning their homes for over 10 years with an income of $75,000 or less. For those with incomes above the $75,000 and under $100,000 living in their homes for 10 years or more, their property tax cap will be 10%! Currently there is no information about people making over $100,000 or for those who have owned their homes for less than 10 years.

This is nuts!!! My town may be predominantly working class but it's not Lawndale. Although in the minority, some of my neighbors are well-off. They own businesses and some are professionals--doctors, lawyers, govt executives, etc. They send their kids to private schools out of town. Many are empty nesters that are here because of the location--minutes to Midway and the Loop--or because they want to live in a town that mirrors their ethnicity (predominantly Mexican).

Just today General Electric announced that their Cicero plant will be closing. Another long-time (since 1900) industrial neighbor, Blakeslee, announced that its unsure if it will stay in Cicero. Why? The ridiculous Cook County real estate taxes. Blakeslee is currently paying over $75,000 a year--Cook upped their taxes to $100,000!!! The company is considering moving to DuPage or Will for more favorable tax rates.

I know that some people in Oak Park are facing tax bills that will be close to $1500 a month. And we're Not talking Frank Lloyd Wright homes,folks. I resent having to subsidise some of the very people that make my community undesirable. Cook County is gradually stripping away Any incentive to live in it. I just hope that this Income-based scheme doesn't pass the State Legislature. If it does, I'm sure a similar plan will be coming to Dupage, Kane, etc. soon!

[Eastboogiegirl2]

Is there anyway that a person can keep from loosing their home to taxes within 45 days of eviction? I may have it twisted, a senior lady has from now to October 13 to pay off $5000, for back taxes. Is there any way to keep this from happening until some help comes her way?

[linicx]

Not unless you are willing to buy it.

Taxes are paid in 2 installments every year. NO one is forced out because they miss one installment one itme. They can make arrangements to pay the backtaxes. Eviction doesn't come until all attemepts to collect the taxes owed have failed. The house is sold at auction in a Sheriff's Sale. The buyyer pays the taxes and the evicted owner has X months to pay the purchaser the tax money plus interest plus the auction price of the house. .

[chet everett]

Originally Posted by Eastboogiegirl2

Is there anyway that a person can keep from loosing their home to taxes within 45 days of eviction? I may have it twisted, a senior lady has from now to October 13 to pay off $5000, for back taxes. Is there any way to keep this from happening until some help comes her way?

Is the $5k many years of missed tax payments? Is this due to failure ro pay other bills too? If the lady you know has not already sought out the help of organizations that help seniors she ought to be doing so NOW. If her home is paid off she could probably extract some equity to supplement your social security or other pensions. If she still owes a something on the house but has equity that might still work.

There are lots of options...