A Lincoln Park family said their latest Chicago property tax bill increased 440% and now their modest apartment complex could go bankrupt. FULL STORY: bit.ly/3FWJN9U
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
@@williamDonaldson432 How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
"Only the rich will pay more taxes, don't worry." This is what you get for all the tax happy politicians you voted for. It's time to vote them out, but you never will.
GOPs imposed tax hikes on blue states by eliminating the SALT deduction which was meant to be a tax hike on blue states. That's why I LLLLOVE INFLATION. Inflation hurts rural areas more than urban and thus hurts POOR CONSERVATIVE families more.
@@RobHoffman83 I live in Austria, we also have property taxes but it is not never what Americans pay, those numbers beyond good and evil. For that kind of apartment you would pay maximum 1k € here. It is annual theft when you spend $782 billion on defense. Is the US in war justify that amount of money get wasted ? In Austria we have also high taxation but we have a very good life here. We have good paying jobs, very low criminal rate, Austria is the best country in the World. We had a month without some getting murdered in a country with 8,95 million population in June 2021. ( 29 murder cases). No Weapons, No fentanyl, no opioid crisis, no homeless crisis.
Yes, when taxes on property go up mysterio8usly like this. There is usually a developer that is behind it giving a kick back to a politician or someone at the tax office.
@@kensmechanicalaffair This is how government operates with no checks on power. This would be California now if Jarvis didn't get prop 13 passed in the 70s. The California government has been trying to overwrite that proposition for well over 10 years now.
The elimination of the "small landlords". First the moratorium, now hike property taxes. The "small" guys don't have the cash reserves to whether the storm, Large "institutonal" corporate investor will acquire the property. Interesting times.
The plan for America is the Government to own everything at the end and control the people, That's the dreams for communist, some people will see it realized.
The corporate investors will have to pay the same property taxes. They will have to raise rents to cover the cost, they will have exactly the same problem as the small landlord, no one will pay the higher rent regardless of who the landlord is.
Sounds like someone with some connections to the city wants your property and the city/county is trying to bankrupt you so they can have it and have it cheap. Hope your attorney does a good job! Rooting for you, brother!
And the weed is the most expensive I’ve ever bought! Total scam state. California is better if you’re gonna spend a ton of money living in a free state.
Cook County collects the real estate taxes. However, there are plenty of dispensaries throughout the county plus anywhere and everywhere they can charge for something or collect a tax, they are doing it. Though they did withdraw the penny-an-ounce soda pop tax after hearing all sorts of backlash. . .
$17,000 for a one bedroom! These politicians are out of there mind. Meanwhile criminals don’t go to jail and gangs do snatch and grab. Who wants to live in cities any longer.
People have no choice but to live in cities or close since virtually all the wealth and job gains are centered around them. Cities aren't the problem. It's insane government corruption and incompetence.
Of all taxes, whether it's sales tax, Income tax, even estate tax, I think property tax is the most pure evil. For starters, on virtually all acquired property, you already payed a tax for it. This was done in a sales tax. What the government can/cannot budget for is not an argument, an individual must be understood to own something, this is his right, like a bird owns their nest, a wolf their den, an ant their hill, so on and so forth. Sometimes, people are overburdened by expenses, they lose a job, get injured, and finally get broke, It happens to countless every year. Sometimes they at least have a roof over their head that they've completely payed for. But because now they just can't pay that fee, the government who's constitution demands they protect property rights gets to rob them completely and make them homeless? That’s pure evil and to add salt to the injury, it’s not like any of these taxes goes to anything good. Most if not all if purely wasted.
My parents just sold their home of 30 years in Logan Square because their taxes jumped to $19,000.00 per year. Chicago was making them rent their house back that they already owned. They moved to Michigan.
I left suburban Chicago 20 years ago for the mountains of western North Carolina. My property taxes in Illinois were $5,200 for a modest three-bedroom house. My current property taxes for my three-bedroom, three bathroom home on a private golf course in the beautiful Blue Ridge Mountains are $1,100. Best move I ever made.
@@jzz8083 Yes, you keep thinking that and stay away from North Carolina...think of it exactly like a Chicago ghetto stray bullet and you die community....you don't want any part of it.
A few decades ago I complained about my business personal property tax and asked why it increased each year. I was annoyed at the complication of filling out the county's complex multi-page self-reporting tax for and stopped filling it out for a few years. When I complained the county clerks told me they simply assumed I bought new equipment each year. I said, "No. I can't afford to buy new equipment. It's all old equipment. Send someone out to see it." They did and I was re-assessed at a lower rate. They required me to submit proof that I paid the previous 3 years property tax; receipts or copies of tax payments. After I did that, they sent me refund checks for the over-charge. The ways of government are mysterious and strange.
@@EricCanterra That's true in too many cases. I've had several relatives who worked in various government agencies: county, state, and federal. They have stories to tell. I even worked in the post office for a week or two during the Christmas season rush. I was impressed with the dedication & sense of purpose of the workers in our local post office. At one point they put on walking home delivery in our best residential area. I did o.k. but I dropped some letters through a door mail slot . . . the correct address but I had not taken proper notice of the FOR SALE sign on the lawn. The house was empty. I told my supervisor and he called the realtor. At my own home I used to receive mail for a saxophone player who lived 2 miles away but we each had the same house number (different streets). We got acquainted but never played the same gig. Even so, he did some business with my printing shop.
@@wmason1961 You are essentially correct. I let them figure it out. Filling out their forms, I felt, was like a double form of taxation. We didn't have to calculate our electric bills or our water bills, trash bills, heating bills, etc. I knew how it worked and chose to use the form filling time to actually make the money so I could pay them. Of course we are required to calculate our own income taxes and there are so many income tax regulations that it has spawned a whole industry of accountants & tax advisors and professionals. Sales taxes are relatively simple for most businesses even though they are more than triple what they were in 1949. That's when I was a kid and first took notice of our 3% sales tax.
@@wmason1961 + Sounds like you need to listen to this again? That's not at all what happened. Unreal to see someone go off half cocked and get it all wrong. Listen again and pay attention this time?
Home ownership is a scam! Even if you completely pay off the mortgage, you can still lose your house due to default in property taxes. So bottom line is-you never truly own your own-ever.
It’s sad too because even elderly people who have their houses paid for have to pay taxes for a school district they aren’t even using because it’s been years since they had children in school. It’s absolutely ridiculous.
It’ll only break the ones who sadly can’t afford it, greed is the backbone of America I mean we all buy an iPhone for over 1k while they build the product for dollars
@@Rizky06 Fathers of America had enacted an amount of property taxes (including school taxes) amounting to a maximum of 1% of the value of the property. It is time that Americans return to it to avoid taxation different depending on your surname.
@@kensmechanicalaffair They won't care until they've been forced out of their homes they thought they owned, because they became either unable, or unwilling to pay the extortion, at the end of the sheriff's gun barrel.
And if the the whole Covid insanity taught us anything it was that no one will ever do anything to stand up in mass against tyrants. So these things will continue to get worse.
Can we talk about the homeless problem again 🤔. Thin line is all it is between someone and the streets. This landlord is one who is trying to keep people housed. But sadly, we have government officials who serve only a small few, who pad their pockets.
and now people can't figure out why we have such a huge issue with homelessness, it's not just greed, but unrealistic taxation on housing meant for working class people.
Had a friend some years ago who wanted me to invest in some properties in Illinois. I took one look at the property tax situation back then and said there is no way I would even consider Illinois when there are so many tax friendly places to put your money. Seems the situation has gotten far worse now especially in Chicago.
Ya as long as you dont live in a red state buying property there is a bargain. If you live in the red state they fee ya to death. Ive seen car plate fees over 5k.
Someone needs to put a cap on these property taxes, it shouldn't be expensive to live with a roof over our heads. Greed will kill the city of Chicago and the state of Illinois
2:04. Well buying any building over 3 units requires a commercial loan. 3 and under can be purchased with a residential loan. The building in this case has 10 units, therefore it has a commercial loan. With that being said, I’d fight it in court on those grounds. How can a property that would have to be listed on the mls as a commercial property and requires a commercial loan be considered a residential property?
Why the heck is a commercial property so much cheaper for tax purposes than HOUSING? Of which their is a shortage nationwide right now! The only thing that would happen here is taking 10 units off the market and putting 10 people out on the street struggling to find new housing. Ffs. Like I’m sorry but a commercial property should have higher taxes than someone’s home full stop.
I totally agree 👍 to much corruption...and the tax payers need to see exactly where the taxes are going not that generic fake sheet they send out every year...who's being paid what, who spends this and that yea something more detailed 🤔 I bet taxes will go down after that lol
There is I think. But probably does not affect reclassifications as this was. Say Somoene had a warehouse and converted it into condos or whatnot. That is seemingly the excuse the Assessor has come up with here to bypass the hike cap.
Likely you are paying your fair share and he was not. The city fixed it and he is using the media to pressure the city to get the unfair tax advantage again. It is how they are.
Even if you own the building you still have to give the government $128,000 a year that’s $10,000 a month. This is supposed to be the land of the free, I don’t think so.
The problem here is that renters are being told to vote for these property tax increases because they the renters don’t pay property taxes so it’s an endless cycle of increase taxes, then increase rents then they say we gonna help the poor by increasing taxes again and again but rents have to increase again and again to cover those taxes. Basically, if you are a renter, you are paying taxes. It might not be direct, but believe me, you are paying taxes. So any increase in taxes will result in increased rents. If they want to put a rent cap, there should also be a tax cap at the same rate. Educate yourself because this is a problem all over the country. These politicians that are out there parading around helping out the working class, and the poor are the very ones that are making the cost-of-living go up for everyone. And it unfortunately is going to affect the poor and minority communities a lot more than anyone else.
This is the truth for everything. People that don't have as much money as the middle and upper class keep voting for increases on anything they are not directly exposed to and accept "free money and free services" from the government. The government is laughing at everybody because every cost increase to any business or service they are using gets passed back to them. The "paying your fair share" BS is a lie. There are 22 million people in the USA that are in the one percent club. If you charge them an extra $20k in taxes per year, you get $440 million dollars in revenue. There are 310 million people in the USA who are not one percenters. Charge them $1200 extra per year and you get 372 billion. It's easier to increase taxation of goods and services so that the cost is spread out and it makes more money than the fake "eat the rich" campaign. When you don't own a car and think "Well I'm not lucky enough to afford a car, why should these people have a freedom I don't? Yeah, put up the price of fuel, I don't care. I'll take a handout as well because I don't make much." Now the cost of farming goes up, the cost of delivery goes up and the cost of everything associated with truck/train/plane delivery goes up. You get your check from the government, they take back some in taxes, and everything costs 15% more for everybody. Do it again and layer on another 15 percent until you have nothing because you thought taxing the other guy was the best idea.
That’s not what happened though. This man’s apartment building was assessed as a commercial property when it is actually residential property. He got tax low amounts for years and years and didn’t even know it. With that said though the county should work on slowly increasing the tax over a 10 year period instead of just blindsiding him like they did.
@@xxxxMonkeyGirlxxxx you’ve never paid property taxes and it shows. A half million dollar home won’t even have taxes close to that- he’s getting screwed.
@@xxxxMonkeyGirlxxxx That’s the story you bought. They wanted more money and found a way to get it, which hits tenants in the end. We had a 126 unit property and never paid that much tax per square foot or unit. Again, they make it seem like they weren’t paying their fair share, the financially uneducated folks think “great, now my cost of living will go down because these people will pay more” and the rent goes up.
@@xxxxMonkeyGirlxxxx It’s a multi family but when people are out there screaming about the cost of living, who should they be directing their anger towards? The landlords are definitely not to blame, but the city has more control over rent cost than people think. This type of housing should be tax free but that will never happen.
@@winning3329 if you watch the video then you will see that costs to own and operate rentals are getting higher much faster. The costs have to be passed on to the tenants. They can’t afford their own homes so they have no choice to rent.
28 year old voter here. I used to live in Chicago and always voted on the democratic ticket. Give the republicans a chance. I switched parties a few years ago and couldn’t be happier. I won’t be voting blue again
This reminds me of The Blues Brothers movie where the Blues Brothers are trying to raise tax money to save the orphanage and finally racing to the Cook County Assessor office before they sold the orphanage in a tax sale. And that movie was like made in the late 70s.
That is a crazy high tax rate of 4.9% if you are correct. The US average is about 1.1%. That means he pays the price of the property itself in taxes alone every 20 years. Imagine having a loan of 5.25% interest. This means he pays for the property approximately 2 times the price over 30 years. Add the tax for 30 years and it now becomes paying 3.5 times the price over 30 years.
In Sydney Australia, property tax (rates) is 0.002% of the value of my house and land. Pays for Bitumen roads, concrete kerb & storm water system, Local parks, weekly garbage service, library and pools + more. 🦘🇦🇺
It’s the unpaid pension liability. Illinois voters need to push for a new law that puts a cap on how much the tax accessor can raise property taxes. There’s too much corruption on how these properties are taxed. Remember increased costs just gets passed on to renters. This landlord can’t raise the rent to $5,000 a unit for an one bedroom to cover his costs but other landlords will and most likely this one will raise the rents to offset some of his costs.
If a 10 bedroom apartment building pays 120k in property taxes it means 1000 a month at minimum added to the rent of each apartment. This is why I always say taxes are paid by everyone as no business owner can just take the loss. They pass the taxes on to the consumer or go out of business if they can't.
People are leaving Illinois and droves and this will drive people out of Chicago, besides all the leniency on crime , people terrified to go anywhere, Chicago is no great shakes. It's a shame what happened
@@abbyynorman2874 Its not a blue or red issue because red states are doing the same thing! Stop falling for the red vs. blue when everyone is being stolen from.
A 10 unit property is Commercial property in all states that I am aware of. I am not sure if the assessor is aware of this? Government cannot legally tax people's properties to the point where the people can no longer afford the property. What about affordable housing? This tax bill doesn't make sense.
I have the same problem my first install was 2700 now they want 10,000 for the second so I'm looking at $20000 a year. I had enough of the city of Chicago.
Shush, don't be blaming it on an obviously cr00ked p0l1tic1an, beetlejuice will continue to be voted in because "she a D3m and we v0te b1ue no matter who because we are told to no matter how obvious it is that it's a terrible choice".
My property tax in California was $600 per month. When we sold our home and moved to Arizona, the new owners property tax was increased to $850 per month. I pay less then $200 PER YEAR in Arizona.
I live in a 4 bedroom 2 bath home on a little over half an acre with a beautiful in ground pool fenced yard 2 car garage and the taxes on that house are as much as I pay per year for my house.
@@dieterandrew3542 it’s not democrat vs republican. I live in red mchenry county and those red politicians decide what our property taxes are and they are still ridiculously high. They use the democrat vs republican argument to distract and divide us while all of them rob us blind. Every single republican politician enjoys benefits from socialized healthcare, a pension and an overly stocked and overly paid for military industrial complex while we get billed for all of it while being priced out of our homes and unable to afford basic healthcare and medicine.
Everyone in Chicago knows that Lincoln Park homeowners have been targeting low Rental bldgs in order to have more higher income Earners in the area.... I wouldn't doubt that this landlord has been Targeted.... More than likely... Similar bldgs have been given less of a tax burden.... And Rental property managers.
OMG...I'm amazed at that tax, that should be the rent for the 1 bedroom annually, not the tax. I've heard Cook county had high taxes. I'm in Phoenix, my home is valued at $330K and my tax is $800. a year.
@@markdamstra I LOVE Arizona. I've been here a long time from the mid west. It does get hot but you get so used to it quickly. I am cold when the weather is 75 degrees. Shorts and t shirts all year round, I'm picking lemons and oranges off my trees today. Christmas is usually in the low 80s, this year it was 75. It's getting so crowded here, though.
There may many reasons for the economic attacks on small landlords... but the stench of socialism like you see in California, seems to be a root cause now in Chicago
The funny thing is they keep voting for it for 100 years and its more dangerous and expensive than ever lol. I cant fathom voting to be poor and in danger.
Save up money to buy property and pay the state every single year a percentage to keep owning it. This is on top of income tax that you have to pay, and sales tax for purchases. It's just insane.
Move out of blue states. Democrats love high taxes. Just remember if you move to a red state you better vote Republican. Don't be a locust and destroy and move on doing the same thing!
@@PeaceToAll-sl1db its basic facts. Its not because they live in a better area, the city just has to raise taxes so they can afford giving it away to illegals and special interests or overpaid government employees.
Sometimes that cheap little piece of property becomes very desirable and taxes reflect that. Dad bought an above average home on a scarcely populated lake, now it's worth a million. Dollars... guy at work was willed his mom's little cabin. He had to sell it because it became too valuable and he couldn't afford the taxes. Remember that before you decide to get a "family" cabin that we be held for generations.
Remember in the 80s ann 90s when everyone could afford summer homes? It’s crazy to think of how much has changed. Just owning one home is impossible for many.
This is happening all over the country In Republican Party run states too And look up the states that have severe poverty And homelessness and crime In Republican Party run states too Kentucky South Carolina And on and on
Illinois property taxes are extremely high. You will never stop paying to live in your property even when its paid off when the GOV places high taxes on your property. Chicago..? and location I would never want to live even with low taxes.
There are about 1800,000 school aged children (k-12) in IL, and there are about 3000,000 properties. How much money should each homeowner pay to ensure their kids get good education? I'm all for replacing property taxes, with increased income (including capital gains) and corporate taxes instead.
The landlord should try acting. Idk why but I totally think he could play a character in a TV show. Probably the voice but something about him seems fit for acting.
![ผัวเถื่อน - ยูริ โตเกียวมิวสิค [ OFFICIAL MUSIC VIDEO ]](http://i.ytimg.com/vi/P08ORRVDGl8/mqdefault.jpg)
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
@@williamDonaldson432 How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Annette Marie Holt is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
That's terrible. No one can convince me that there isn't a bigger agenda behind this.
The city wants his property.
@@MissPepperss The City or partners of the City.
@@mayalunics4740 partners
@@MissPepperss It's criminal. It's a crime happening right in front of our eyes.
@@mayalunics4740
Somebody wants that property.
Bingo.
Exactly my thought, land and house theft..poly ticks
Big Corporations want properties so they can build mega factories/ businesses.
@@dundeeecroc or make rentals for profits..rentiers
darn right
"Only the rich will pay more taxes, don't worry." This is what you get for all the tax happy politicians you voted for. It's time to vote them out, but you never will.
✊
GOPs imposed tax hikes on blue states by eliminating the SALT deduction which was meant to be a tax hike on blue states. That's why I LLLLOVE INFLATION. Inflation hurts rural areas more than urban and thus hurts POOR CONSERVATIVE families more.
My coworkers an idiot, he just talks about Trump. I say what does that have to do with Illinois being so screwed up
the rich will simply pass on the extra taxes in rent
@@fwefhwe4232
When the rich move in they will lower thd taxes. This is how Mayor Daley got a lot of blacks out of thd city
In Turkey once you buy a home, you once pay the government but never again. The government asking yearly for money is ridiculous.
Yeah we should all move to turkey where they know how to run the government
Every male in Turkey is required to go to the military at age 18 or go to prison. Turkey has its own issues just like the USA.
The concept of USA's property taxes is to pay for community improvements, sewer, water, streets, etc. The reality feels more like annual theft.
@@RobHoffman83 I live in Austria, we also have property taxes but it is not never what Americans pay, those numbers beyond good and evil. For that kind of apartment you would pay maximum 1k € here.
It is annual theft when you spend $782 billion on defense. Is the US in war justify that amount of money get wasted ?
In Austria we have also high taxation but we have a very good life here. We have good paying jobs, very low criminal rate, Austria is the best country in the World. We had a month without some getting murdered in a country with 8,95 million population in June 2021. ( 29 murder cases). No Weapons, No fentanyl, no opioid crisis, no homeless crisis.
Taxes are needed to upgrade/restore restructure, roads, bridges, schools, etc. Yet that is an extreme hike.
This means they are trying to steal his property from him. Seriously...
There's got to be some protection, 440% sounds like some type of cartoon joke.
Yep that’s right somebody going to get paid under the table for that
Yes, when taxes on property go up mysterio8usly like this. There is usually a developer that is behind it giving a kick back to a politician or someone at the tax office.
Yep
@@kensmechanicalaffair This is how government operates with no checks on power.
This would be California now if Jarvis didn't get prop 13 passed in the 70s.
The California government has been trying to overwrite that proposition for well over 10 years now.
You’ll own nothing and be miserable. That’s what they really mean.
oy vey the goyim knows
Yes, the WEF said you'll own nothing and be happy
Welcome to the Hunger Games
@@dontask8979 Chicago sweetness is what you get.
Sell and be a millionaire.
The elimination of the "small landlords". First the moratorium, now hike property taxes. The "small" guys don't have the cash reserves to whether the storm, Large "institutonal" corporate investor will acquire the property. Interesting times.
That was the plan all along
@@PreppyPrincess777 amazes me people are still punching clocks and going to work while America dives off the cliff
The plan for America is the Government to own everything at the end and control the people, That's the dreams for communist, some people will see it realized.
Ah governments, state police, & other things. CEOs!
The corporate investors will have to pay the same property taxes. They will have to raise rents to cover the cost, they will have exactly the same problem as the small landlord, no one will pay the higher rent regardless of who the landlord is.
This is going to happen every where! Even for home owners, don't think for 1 minute it's not going to happen to you
That is because they dont want us to own anything.
@@8ofwands300 that's just horrible
You can run but you can't hide.
My last name is Biden.
You don't actually own your property, you just long-term lease the land from the city as long as you pay your (ransom) taxes.
Sounds like someone with some connections to the city wants your property and the city/county is trying to bankrupt you so they can have it and have it cheap. Hope your attorney does a good job! Rooting for you, brother!
So in a state such as Illinois where they get astronomical taxes from legal weed, they feel the need to raise property taxes, absolutely disgusting
yup. still waiting for all of those tax advantages communities were supposed to see with the weed legalization.
And the weed is the most expensive I’ve ever bought! Total scam state. California is better if you’re gonna spend a ton of money living in a free state.
Isn't it the city of Chicago doing this, and not the state?
Cook County collects the real estate taxes. However, there are plenty of dispensaries throughout the county plus anywhere and everywhere they can charge for something or collect a tax, they are doing it.
Though they did withdraw the penny-an-ounce soda pop tax after hearing all sorts of backlash. . .
Somebody gets to pay for the welfare recipients.
$17,000 for a one bedroom! These politicians are out of there mind. Meanwhile criminals don’t go to jail and gangs do snatch and grab. Who wants to live in cities any longer.
People have no choice but to live in cities or close since virtually all the wealth and job gains are centered around them.
Cities aren't the problem. It's insane government corruption and incompetence.
10 apartments in the complex.
Dead people.
Get a better jibz
I moved out of the city 23 years ago and where I live the thief’s have to have a car
Seems like they’re trying to force him out.
Of all taxes, whether it's sales tax, Income tax, even estate tax, I think property tax is the most pure evil. For starters, on virtually all acquired property, you already payed a tax for it. This was done in a sales tax. What the government can/cannot budget for is not an argument, an individual must be understood to own something, this is his right, like a bird owns their nest, a wolf their den, an ant their hill, so on and so forth. Sometimes, people are overburdened by expenses, they lose a job, get injured, and finally get broke, It happens to countless every year. Sometimes they at least have a roof over their head that they've completely payed for. But because now they just can't pay that fee, the government who's constitution demands they protect property rights gets to rob them completely and make them homeless? That’s pure evil and to add salt to the injury, it’s not like any of these taxes goes to anything good. Most if not all if purely wasted.
I agree income taxes should be higher to pay all that. The unemployed or sick should not lose a home that was paid for in full.
My parents just sold their home of 30 years in Logan Square because their taxes jumped to $19,000.00 per year. Chicago was making them rent their house back that they already owned. They moved to Michigan.
Problem is, the went to a democratic run state, I wish them luck
I left suburban Chicago 20 years ago for the mountains of western North Carolina. My property taxes in Illinois were $5,200 for a modest three-bedroom house. My current property taxes for my three-bedroom, three bathroom home on a private golf course in the beautiful Blue Ridge Mountains are $1,100. Best move I ever made.
It’s North Carolina though 😂
@@jzz8083 warmer in NC and closer to real beaches 😋
@@jzz8083 NC is 100% better than Illinois.
@@jzz8083 Yes, you keep thinking that and stay away from North Carolina...think of it exactly like a Chicago ghetto stray bullet and you die community....you don't want any part of it.
@JZ Z the Blue Ridge mountains are actually breathtaking, ever seen them?
A few decades ago I complained about my business personal property tax and asked why it increased each year. I was annoyed at the complication of filling out the county's complex multi-page self-reporting tax for and stopped filling it out for a few years. When I complained the county clerks told me they simply assumed I bought new equipment each year. I said, "No. I can't afford to buy new equipment. It's all old equipment. Send someone out to see it." They did and I was re-assessed at a lower rate. They required me to submit proof that I paid the previous 3 years property tax; receipts or copies of tax payments. After I did that, they sent me refund checks for the over-charge. The ways of government are mysterious and strange.
The guvment assumes that businesses spend money like they always do....with reckless abandon and no accountability.
@@EricCanterra That's true in too many cases. I've had several relatives who worked in various government agencies: county, state, and federal. They have stories to tell. I even worked in the post office for a week or two during the Christmas season rush. I was impressed with the dedication & sense of purpose of the workers in our local post office. At one point they put on walking home delivery in our best residential area. I did o.k. but I dropped some letters through a door mail slot . . . the correct address but I had not taken proper notice of the FOR SALE sign on the lawn. The house was empty. I told my supervisor and he called the realtor.
At my own home I used to receive mail for a saxophone player who lived 2 miles away but we each had the same house number (different streets). We got acquainted but never played the same gig. Even so, he did some business with my printing shop.
So you got annoyed, stopped reporting as required and then were surprised that your tax bill was incorrect? Sounds reasonable. Or ignorant.
@@wmason1961 You are essentially correct. I let them figure it out. Filling out their forms, I felt, was like a double form of taxation. We didn't have to calculate our electric bills or our water bills, trash bills, heating bills, etc. I knew how it worked and chose to use the form filling time to actually make the money so I could pay them. Of course we are required to calculate our own income taxes and there are so many income tax regulations that it has spawned a whole industry of accountants & tax advisors and professionals. Sales taxes are relatively simple for most businesses even though they are more than triple what they were in 1949. That's when I was a kid and first took notice of our 3% sales tax.
@@wmason1961 + Sounds like you need to listen to this again? That's not at all what happened. Unreal to see someone go off half cocked and get it all wrong. Listen again and pay attention this time?
This is literally highway robbery by the city
Quit v0ting b1ue and allowing the same people to st3al from you over and over.
Home ownership is a scam! Even if you completely pay off the mortgage, you can still lose your house due to default in property taxes. So bottom line is-you never truly own your own-ever.
Homeownership is just a cheaper version of renting lol
It’s sad too because even elderly people who have their houses paid for have to pay taxes for a school district they aren’t even using because it’s been years since they had children in school. It’s absolutely ridiculous.
@@babblesp1367 and to be honest really schools don't give students the Best education eather really
I warned everyone that this was going to happen. But no one believed it would. The signs were all there.
Excessive Greed is Going to
Break this Country.
It’ll only break the ones who sadly can’t afford it, greed is the backbone of America I mean we all buy an iPhone for over 1k while they build the product for dollars
@@abel1955
Exactly 💯
Break Chicago
Raising taxes to help fund the polices people vote for.
Excessive greed from whom?
There is something criminal going on with this tax assessment and inside the Tax Assessors office. I am certain of it.
taxation is theft.
Lightfoot is NOT racist.
Who else is going to pay for their salary increases so the taxes and inflation won't affect them.
@@Rizky06 Fathers of America had enacted an amount of property taxes (including school taxes) amounting to a maximum of 1% of the value of the property. It is time that Americans return to it to avoid taxation different depending on your surname.
@@fern8580 Actually I thought we were only able to tax imports and that was mainly for national defense for only within our borders.
And to think, people actually believe they own their homes. Nothing changes until these thieves are swinging from jute rope.
I agree. I am happy to supply the rope.
They still don't care.
@@kensmechanicalaffair They won't care until they've been forced out of their homes they thought they owned, because they became either unable, or unwilling to pay the extortion, at the end of the sheriff's gun barrel.
And if the the whole Covid insanity taught us anything it was that no one will ever do anything to stand up in mass against tyrants. So these things will continue to get worse.
The King (state) owns your property. You just rent it. There is no home ownership.
Can we talk about the homeless problem again 🤔. Thin line is all it is between someone and the streets. This landlord is one who is trying to keep people housed. But sadly, we have government officials who serve only a small few, who pad their pockets.
and now people can't figure out why we have such a huge issue with homelessness, it's not just greed, but unrealistic taxation on housing meant for working class people.
When you have an amazing Mayor what did you expect?
You nailed it
Cook County you mean Crook County
Got that right.
Doubled my taxes from to $8,300 on a 880 Sq ft home and gas bill is 4x what it was B 4 covid, electric has doubled.
Scumbag Politicians.....CROOKS.
Beetlejuice must be needing a raise for the outstanding job she's doing...
So criminals can get away dozens of times, while the working class is taxed to bankruptcy?
And this is how they’re destroying the middle class
"they = Democrats"
Imagine paying so much in taxes to get so little from the government in return.
Pay your fair share
@@ajax7ox729 Imagine saying that without thinking what is "fair" and what is the "share" while seeing how little good so much of that money goes to.
@@EricDaMAJ imagine putting a corrupt government in power and the complaining. You get the government you deserve.
And vote for the same every time! Lol! Vote all DEMONCRATS out and see what your taxes will be!
Absolutely ridiculous. If they start with him they’ll continue with us
I would take the mayor and the assessor to court.
Had a friend some years ago who wanted me to invest in some properties in Illinois. I took one look at the property tax situation back then and said there is no way I would even consider Illinois when there are so many tax friendly places to put your money. Seems the situation has gotten far worse now especially in Chicago.
Ya as long as you dont live in a red state buying property there is a bargain. If you live in the red state they fee ya to death. Ive seen car plate fees over 5k.
Yeah my family plans to move somewhere. Taxes here are getting out of hand SMH. And they increased taxes again last year
Are you still investing?
@@LWALKER305 Investing is pointless if you don't even have extra money to do so. Alot of people are going to wisconsin for this reason.
Keep voting Big D, Chicago's going the way of Detroit.
Just burn the building down and up your insurance
Get the people out first.
Not a bad idea if no one gets hurt
Youmean burn the buildings down collect insurance and sell the property and move
Sounds like a plan get the people out first then burn it probably is the best thing to do the insurance will pay.
And go to jail afterwards, for insurance fraud 😂
Someone needs to put a cap on these property taxes, it shouldn't be expensive to live with a roof over our heads. Greed will kill the city of Chicago and the state of Illinois
And the United States.
Somebody in the Assessors office had a buddy working for either Blackrock or Advantage
2:04. Well buying any building over 3 units requires a commercial loan. 3 and under can be purchased with a residential loan. The building in this case has 10 units, therefore it has a commercial loan. With that being said, I’d fight it in court on those grounds. How can a property that would have to be listed on the mls as a commercial property and requires a commercial loan be considered a residential property?
4 units. But yeah, you’re exactly correct.
Its residential because of its zoning with the city.
Because it’s done any way they want. I see a revolution in the future n sooner the better.
The title says “family”
But a commercial building is not a family
It’s a business. Business puts the price on their customers
Why the heck is a commercial property so much cheaper for tax purposes than HOUSING? Of which their is a shortage nationwide right now! The only thing that would happen here is taking 10 units off the market and putting 10 people out on the street struggling to find new housing. Ffs. Like I’m sorry but a commercial property should have higher taxes than someone’s home full stop.
What a shame. There should be caps on how much taxes can be raised a year.
I totally agree 👍 to much corruption...and the tax payers need to see exactly where the taxes are going not that generic fake sheet they send out every year...who's being paid what, who spends this and that yea something more detailed 🤔 I bet taxes will go down after that lol
There is I think. But probably does not affect reclassifications as this was. Say Somoene had a warehouse and converted it into condos or whatnot. That is seemingly the excuse the Assessor has come up with here to bypass the hike cap.
This is disgusting! My property tax bill disturbed me as well! What is the problem?!
Horrible politicians you vote for
How much did your home value go up? The fed making a housing bubble made property values skyrocket, and higher values mean higher taxes
Liberal policies. Stop acting like it’s your first day at work.
Likely you are paying your fair share and he was not. The city fixed it and he is using the media to pressure the city to get the unfair tax advantage again. It is how they are.
Because people are using housing to get rich quickly and now it's back firing
Even if you own the building you still have to give the government $128,000 a year that’s $10,000 a month. This is supposed to be the land of the free, I don’t think so.
Downright criminal. I’d open a corruption investigation. 😡
YES!!! GOVERNMENT ALWAYS KNOWS WHAT IS BEST FOR US!!! LET'S KEEP VOTING DEMOCRAT AND GIVE THEM EVEN MORE.
Also keep voting Republican. Both political parties are the problem.
@@nimeshpatel6006The dems are the worst though, but the republicans are catching up fast.
If you think republicans will help with taxes for the poor and middle class then you need help lol
The problem here is that renters are being told to vote for these property tax increases because they the renters don’t pay property taxes so it’s an endless cycle of increase taxes, then increase rents then they say we gonna help the poor by increasing taxes again and again but rents have to increase again and again to cover those taxes.
Basically, if you are a renter, you are paying taxes. It might not be direct, but believe me, you are paying taxes. So any increase in taxes will result in increased rents. If they want to put a rent cap, there should also be a tax cap at the same rate.
Educate yourself because this is a problem all over the country. These politicians that are out there parading around helping out the working class, and the poor are the very ones that are making the cost-of-living go up for everyone. And it unfortunately is going to affect the poor and minority communities a lot more than anyone else.
This is the truth for everything. People that don't have as much money as the middle and upper class keep voting for increases on anything they are not directly exposed to and accept "free money and free services" from the government. The government is laughing at everybody because every cost increase to any business or service they are using gets passed back to them. The "paying your fair share" BS is a lie. There are 22 million people in the USA that are in the one percent club. If you charge them an extra $20k in taxes per year, you get $440 million dollars in revenue. There are 310 million people in the USA who are not one percenters. Charge them $1200 extra per year and you get 372 billion. It's easier to increase taxation of goods and services so that the cost is spread out and it makes more money than the fake "eat the rich" campaign.
When you don't own a car and think "Well I'm not lucky enough to afford a car, why should these people have a freedom I don't? Yeah, put up the price of fuel, I don't care. I'll take a handout as well because I don't make much." Now the cost of farming goes up, the cost of delivery goes up and the cost of everything associated with truck/train/plane delivery goes up. You get your check from the government, they take back some in taxes, and everything costs 15% more for everybody. Do it again and layer on another 15 percent until you have nothing because you thought taxing the other guy was the best idea.
That’s not what happened though. This man’s apartment building was assessed as a commercial property when it is actually residential property. He got tax low amounts for years and years and didn’t even know it. With that said though the county should work on slowly increasing the tax over a 10 year period instead of just blindsiding him like they did.
@@xxxxMonkeyGirlxxxx you’ve never paid property taxes and it shows. A half million dollar home won’t even have taxes close to that- he’s getting screwed.
@@xxxxMonkeyGirlxxxx That’s the story you bought. They wanted more money and found a way to get it, which hits tenants in the end.
We had a 126 unit property and never paid that much tax per square foot or unit. Again, they make it seem like they weren’t paying their fair share, the financially uneducated folks think “great, now my cost of living will go down because these people will pay more” and the rent goes up.
@@xxxxMonkeyGirlxxxx
It’s a multi family but when people are out there screaming about the cost of living, who should they be directing their anger towards? The landlords are definitely not to blame, but the city has more control over rent cost than people think. This type of housing should be tax free but that will never happen.
Hike taxes, pass rent relief, hike taxes, pass rent relief, hike taxes, pass rent relief
I know that area. It's not a rent relief neighborhood.
@@tedspens Give it a few months
@@iamthebuddha okay
In Chiraq this is taxation without representation.
bureaucratic : overly concerned with procedure at the expense of efficiency or common sense.
That's how the city pays for all the lawsuits against the police department.
Exorbitant pensions funds and years of bad decisions add up and taxpayers get the bill.
Wrong!
Landlord's over charging on renst has caught the attention of the tax department and now they want a piece of the action.
@@winning3329 if you watch the video then you will see that costs to own and operate rentals are getting higher much faster. The costs have to be passed on to the tenants. They can’t afford their own homes so they have no choice to rent.
It's also how they pay for those who won't work.
And all the other corruption!
Left Chicago in 2004. My taxes $800 a year and my house paid off. Little Rock,Arkansas😂😂
how is little rock? never been. nj here.
@@markdamstra Easy life
Congrats. What kind of major jobs/industry in Arkansas?
@@j.pierre9543 How is the heat in the summer?
With stories like this I may never move back home to Chicago ever
Right I miss the memories but I watch videos like these to remind myself that I am glad I left. Moving is hard mentally but illinois forced us out.
28 year old voter here. I used to live in Chicago and always voted on the democratic ticket.
Give the republicans a chance. I switched parties a few years ago and couldn’t be happier. I won’t be voting blue again
He’ll go bankrupt and a big company sponsored by a politician will own it. It’s classic.
This is how , by 2030 , you'll own nothing...
are you will be happy or they will murder you.
This reminds me of The Blues Brothers movie where the Blues Brothers are trying to raise tax money to save the orphanage and finally racing to the Cook County Assessor office before they sold the orphanage in a tax sale. And that movie was like made in the late 70s.
It's 106 miles to Chicago. We got a full tank of gas, half a pack of cigarettes, it's dark and we're wearing sunglasses. - Elwood
Crook County
@@BLUELEADER78 Hit it! 🤣🤣🤣
I was thinking the same thing! Say what you will about Red States, they are cheaper to live in.
That is a crazy high tax rate of 4.9% if you are correct. The US average is about 1.1%. That means he pays the price of the property itself in taxes alone every 20 years. Imagine having a loan of 5.25% interest. This means he pays for the property approximately 2 times the price over 30 years. Add the tax for 30 years and it now becomes paying 3.5 times the price over 30 years.
It’s about 2% in Texas and I swore I thought it was the highest.
@@jameshorton3692 It's 2 % in Chicago also..!!!
@@jameshorton3692 Most of Texas is higher than 2% now unfortunately. My modest 2K SF house on 6600 SF lot in Temple is over $8K annually now.
In Sydney Australia, property tax (rates) is 0.002% of the value of my house and land. Pays for Bitumen roads, concrete kerb & storm water system, Local parks, weekly garbage service, library and pools + more. 🦘🇦🇺
@@tonydoggett7627 Residential Property Tax Rate for Sydney from 2018 to 2022 are 2.266000% of the property value...!!!!!!!!!!!!!!!!!!!
Someone with deep pockets is after the properties.
Follow the politicians and how it ties back to the money.
Saw the same thing in Detroit years ago. Cities think they can tax their way to prosperity. The only thing you can do is.....move out.
Yeah because they trying to get rid of the middle class duh
It’s the unpaid pension liability. Illinois voters need to push for a new law that puts a cap on how much the tax accessor can raise property taxes. There’s too much corruption on how these properties are taxed. Remember increased costs just gets passed on to renters. This landlord can’t raise the rent to $5,000 a unit for an one bedroom to cover his costs but other landlords will and most likely this one will raise the rents to offset some of his costs.
Try “ Crook County “ , the ripoff county that charges $13 for a pack of cigarettes .
It used to be $14 in NYC in 2020. I don't know how much it is now because I left.
i think they are 15 plus in nyc.
@@sblijheid where did u go?
Gotta pay for all that fine police protection!!!!
If a 10 bedroom apartment building pays 120k in property taxes it means 1000 a month at minimum added to the rent of each apartment. This is why I always say taxes are paid by everyone as no business owner can just take the loss. They pass the taxes on to the consumer or go out of business if they can't.
I sat next to Mike's mom on the airplance back from Greece this fall! She had a heart of gold and awesome sense of humor
People are leaving Illinois and droves and this will drive people out of Chicago, besides all the leniency on crime , people terrified to go anywhere, Chicago is no great shakes. It's a shame what happened
So they can move and destroy the next city?!
@@Fedgery007 Are you dumb?
wait until that statewide no bail law goes into effect. you aint seen nothing yet.
@@Fedgery007😎 👍
In Chicago crime is no worse than other majorly populated cities.. I’m in mchenry county. No crime here.
For once a land lord that seems like a decent guy, shame they are going to drive out anyone wanting to keep his living afloat
Most mom and pop landlords are descent people. It's the corporations who are the problem.
Get out of blue high tax states - THaTS how you solve this problem!
@@abbyynorman2874 Its not a blue or red issue because red states are doing the same thing! Stop falling for the red vs. blue when everyone is being stolen from.
@@abbyynorman2874 We have some of the highest property taxes here in Houston Tx 😂
@@codecaine Houston is a blue city.
I moved out of Chicago area 5 years ago. best decision ever, move to Tennessee.
A 10 unit property is Commercial property in all states that I am aware of.
I am not sure if the assessor is aware of this?
Government cannot legally tax people's properties to the point where the people can no longer afford the property.
What about affordable housing?
This tax bill doesn't make sense.
But yet the city and state won’t do their job to keep people safe…
I have the same problem my first install was 2700 now they want 10,000 for the second so I'm looking at $20000 a year. I had enough of the city of Chicago.
🤬
You're paying a lot. I pay a bit more than that for my condo in Hawaii. But it's valuation for property tax purposes is just over $2 million.
Corrupt democrats. Stop supporting the filthy left folks!
@@Rhaspun what other properties do you have?
20,000 a year. Wow, 5 years of paying tax likes that, you can own a debt free little house on other state.
Mayor Lightfoot is to blame!!!!
Shush, don't be blaming it on an obviously cr00ked p0l1tic1an, beetlejuice will continue to be voted in because "she a D3m and we v0te b1ue no matter who because we are told to no matter how obvious it is that it's a terrible choice".
I don't like Lightfoo, but this isn't on her. It is on Daley, Thompson and Edgar along with a lot of other Democrats and their puppets.
My property tax in California was $600 per month. When we sold our home and moved to Arizona, the new owners property tax was increased to $850 per month. I pay less then $200 PER YEAR in Arizona.
Get ready with a new democrat government $$$
But doesn’t the water issue scare you? The lake mead situation seems terrifying.
The tax on that 1br unit is more than I pay for a 2br 2ba unit. This is highway robbery.
The tax on that little one bedroom apartment is more than I pay for my three bedroom HOUSE!
@@babblesp1367 what location?
I live in a 4 bedroom 2 bath home on a little over half an acre with a beautiful in ground pool fenced yard 2 car garage and the taxes on that house are as much as I pay per year for my house.
How do you morally justify taxing people more than they can pay?
Um, talking about democrat government, here.
@@dieterandrew3542 😂
They have no morals or ethics. They are sociopaths performing the tasks of their masters.
If you don't know what this means you are sound asleep.
good question. even if you reevaluate it the changes wont go into effect until next year.
@@dieterandrew3542 it’s not democrat vs republican. I live in red mchenry county and those red politicians decide what our property taxes are and they are still ridiculously high. They use the democrat vs republican argument to distract and divide us while all of them rob us blind. Every single republican politician enjoys benefits from socialized healthcare, a pension and an overly stocked and overly paid for military industrial complex while we get billed for all of it while being priced out of our homes and unable to afford basic healthcare and medicine.
Everyone in Chicago knows that Lincoln Park homeowners have been targeting low Rental bldgs in order to have more higher income Earners in the area.... I wouldn't doubt that this landlord has been Targeted.... More than likely... Similar bldgs have been given less of a tax burden.... And Rental property managers.
OMG...I'm amazed at that tax, that should be the rent for the 1 bedroom annually, not the tax. I've heard Cook county had high taxes. I'm in Phoenix, my home is valued at $330K and my tax is $800. a year.
red state. i would drop from the heat. hear good things about phoenix. how do u like it? nj here.
@@markdamstra I LOVE Arizona. I've been here a long time from the mid west. It does get hot but you get so used to it quickly. I am cold when the weather is 75 degrees. Shorts and t shirts all year round, I'm picking lemons and oranges off my trees today. Christmas is usually in the low 80s, this year it was 75. It's getting so crowded here, though.
There may many reasons for the economic attacks on small landlords... but the stench of socialism like you see in California, seems to be a root cause now in Chicago
California has the fifth largest economy in the world, not bad for socialists.
Best move I made was leaving Chicago in '96.
‘93…never looked-back…
Democrat ran city/state. What do you expect.
The funny thing is they keep voting for it for 100 years and its more dangerous and expensive than ever lol. I cant fathom voting to be poor and in danger.
@@FriarPop The very definition of insanity. Unfortunately, it’s part of their culture to vote blue no matter what.
Now you know why they hired 90,000 more IRS agents.
They started out locally then they’ll go federal.
You’ve been warned.
Save up money to buy property and pay the state every single year a percentage to keep owning it. This is on top of income tax that you have to pay, and sales tax for purchases. It's just insane.
That is what they voted for. The people are getting what they wanted. Chicago Democrats
Move out of blue states. Democrats love high taxes. Just remember if you move to a red state you better vote Republican. Don't be a locust and destroy and move on doing the same thing!
And people wonder why their rent goes up
Democrats!
vote for democrats = higher rent
@@PeaceToAll-sl1db its basic facts. Its not because they live in a better area, the city just has to raise taxes so they can afford giving it away to illegals and special interests or overpaid government employees.
Sometimes that cheap little piece of property becomes very desirable and taxes reflect that. Dad bought an above average home on a scarcely populated lake, now it's worth a million. Dollars... guy at work was willed his mom's little cabin. He had to sell it because it became too valuable and he couldn't afford the taxes. Remember that before you decide to get a "family" cabin that we be held for generations.
That sucks knowing that if a government wants a property, they just raise taxes so they can sell it. Terrible that this is happening
Remember in the 80s ann 90s when everyone could afford summer homes? It’s crazy to think of how much has changed. Just owning one home is impossible for many.
Property taxes are criminally over priced. The funny part is the tenants will assume the landlord is stuffing them and not blame the government.
Keep voting for them dems
This is happening all over the country
In Republican Party run states too
And look up the states that have severe poverty
And homelessness and crime
In Republican Party run states too
Kentucky
South Carolina
And on and on
@@MusicLover-ui9sm What have you been smoking?
"You'll own nothing, and be happy"
This is why people are leaving crook county and not looking back.... heading for Indiana or Wisconsin.....
it's all part of a bigger plan..you will own nothing and be happy..Klaus Schwab
i hear wi is nice. the winters would kill me although I lived and went to college in vt.
@@markdamstra🥶
And people are still wondering why the homeless problem is spiraling out of control. Say hello to the elephant in the room.
time to pay your fair share.
They don't call it CROOK County for nothing.📈
The chicago machine wants ur building bro
Illinois property taxes are extremely high. You will never stop paying to live in your property even when its paid off when the GOV places high taxes on your property. Chicago..? and location I would never want to live even with low taxes.
There are about 1800,000 school aged children (k-12) in IL, and there are about 3000,000 properties. How much money should each homeowner pay to ensure their kids get good education? I'm all for replacing property taxes, with increased income (including capital gains) and corporate taxes instead.
So is there such thing as home ownership for civilians anymore, or just corporations?! This should be illegal.
Knock, knock....anyone awake in there?
Democrats. That's the reason.
The landlord should try acting. Idk why but I totally think he could play a character in a TV show. Probably the voice but something about him seems fit for acting.
Saddens me Chicago was once affordable and grew city
When was that?
When I saw the face of the mayor, I feel like bad future for Chicago
This is why I still don’t take jobs in Chicago, sure they pay more but I couldn’t ever afford to live near work