Large property tax increase brings shock to tenants, homeowners
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- เผยแพร่เมื่อ 26 ส.ค. 2024
- Large property tax increases are taking tenants and homeowners alike by surprise, causing rent increases in some locations, NBC Chicago’s Lexi Sutter reports.
It is time to cut public officials salary, benefits, pensions. This is insane.
Amen , because they seem to be over paid..
@@elishiamalone475 over paid and under worked...do nothing people...lol
indeed, and start with PERS recipients since that's a significant chunk of taxes and will show that the 'government class' does 'not' trump the public; government, class by and large, are democratic voters and it is that party whose primarily behind 'taking' retirees rental income away -- rental income has been historically the 'working man's' form of retirement income, now 2 can play at this game...
Time to get a job
Increasing homeowner's property tax based on unrealized gains in property value is the biggest scam - NY does the same.
💯💯💯
Did you see that Trump has a new tower in Chicago? Probably has nothing to do with it though 🤔 looks like it cost a shiny nickel and penny
@@angelaburcher7570 yep, stay focused on Trump while the demoncrats make your life worse every day! good obedient NPC serf.
They're treating people's homes like tradeable assets.
So does Iowa
And when the market plummets...i guarantee the property will not be reassessed with a lower bill. You never truly own property when you have a corrupt government.
55% tax increase on property is insanity, how is that even legal, massive corruption in the accting dept
VOTE BLUE OWN IT!
PERS recipients needed an inflationary boost...
How disgusting. This is EVERYWHERE....
Biden's America, highest inflation rates in 40 years!
💯
But mostly democratic cities and states. For high government salaries and corruption. You are going to have to pay for the illegals Biden is letting in.
Everywhere capitalism exists.
not everywhere, just in blue demoncrat totalitarian dystopian cesspools run by corrupt, self-serving, malfeasant and incompetent ruling parasites.
Life is good in civilized areas that have Constitutional rights and freedom.
Someone has to pay for the free stuff for the illegals and some communities
Hey man, Zelensky needs his pool parties.
Same thing I was thinking. Free for the illegals arm and leg for the hard workers. With rent t hat high illegals will get section 8 . Part of their rent is taxpayers burden also. So unfair. Needvto have March on Washington.
The vast majority of suburban taxes goes into water, sewage, electricity, and roads. And property taxes only cover about half of that; the other half is sales taxes and municipal bonds. Now migrants might depress YOUR wages because they'll work harder for cheaper (which to me seems the free market at work), but they sure aren't getting a lot of free stuff.
The real criminal in this is that urban services at suburban density is expensive, and Americans are increasingly realizing they can't afford it.
@@langhamp8912 You are mistaken. Every illegal immigrant that goes through the Border Patrol processing centers is given a free phone with 12 months free, a $1200 debt card (that can be reloaded by the US Govt, free shoes and clothing from NGOs (paid by US govt) , and a free plane ticket or bus ticket anywhere in the US. When they get to their sanctuary cities, they are housed and fed at the expense of the local state and federal govts. All taxpayer funded
Exactly! Illegal immigrants have no idea what this reporter is talking about; migrants strongly disagree.
So their response was: “Why are you complaining? we gouged everyone else in your neighborhood equally”
SOMEBODY has to pay for all the ILLEGAL MIGRANTS!!!
🎯
Yep
The people who cant get mortgages are paying for the people who can, our society is backwards. Most times it amazes me greatly how I moved from an average lifestyle to earning over $63k per month, Utter shock is the word. I have understood a lot in the past few years that there are lots of opportunities in the financial market. The only thing is to know where to invest…
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks.
I keep wondering how people earn money in financial markets, i tried trading bitcoin on my own made a huge loss and now I'm scared of investing more
@@izagdlife That won't bother you if you trade with a professional like *Sarah Alma Martinez* my consultant. I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. I basically follow her trade pattern and haven’t regretted doing so.
@@BeverlyTalley You allow people to trade for you? that's interesting, I would love to learn, hope it’s safe..?
@debbie765 This is the Fourth time I'm seeing someone talking about Sarah Alma as there are lot of testimonies about her, do you know her ? if yes , did you invest with her.?
1900 ish for a two bedroom? California it cost at least 1900 for a studio. 🤷🏼♀️That you can’t find anywhere. These are hard times for all of us. It sucks.
It will only go downhill from here 😢❤
@@Littlekitten_ I know.. It really sucks
Gotta find some way to pay those nice 6-figure pensions for all the retired/retiring public employees.
No, its more like you gotta pay for Democrats social programs and welfare for illegals.
No whining. Try getting a job.
@@DaveAnderson-ic6oo try not voting left
Make sure and thank them for their service
They need to fund the new migrants.
And then they want to arrest you if you pitch a tent.
Move to portland if you want to pitch a tent.
You get what you voted for.
You won't get arrested if your an illegal
I was told I could not put a tent on my own property. They said cops would come to arrest me. I put up a bunch of No Tresspassing signs. Told them cops are on noticed to be illgally tresspassed on my own property. Women in government say. What Ever. Just leave us Americans alone. The reason I was going to sleep in my tent was I was remodeling the whole house.
Yet building a winterized tent home for non-citizens
@@betsyb2256I can picture you shaking your head back and forth with your eyes boggling everywhere while you circle candidates to vote for. Matter of fact , that's how I picture anyone who actually thinks voting matters. Lol. Clowns.
How ELSE can they take away property from rightful owners. Raise the taxes until it’s no longer feasible to own property to rent. That way the thieves like Blackrock or Vanguard or one of their subsidiaries can snap up even more property.
THIS!!!!
I was waiting for this comment.
Too add on, don't forget the landowners as well.
The ones are being flooded out of their homes.
Spontaneous fires everywhere.
From my perspective;
You are either going to be evicted. Because your job, doesn't match the economy
Burned (unless your house is painted blue) or flooded out of our home. Because your job, does match the economy.
This planet is being Terra-Formed.
Yep, need more resources for the ASG cartel.
Just another slap in the face for people and their wallet😢
By garba g e democrat policies. You get what you voted for.
But you saved a bunch of money by not putting it into policing... remember.
Remember?
😂😂😂👏👏👏
💯
You NAILED it.
Have you ever seen a tax bill? Where do you think these high taxes are being funneled into?
@@schan9547Schools
Someone has to pay for the illegals.
That's not why
wow, all the bigots came tumbling out for this one, didn't they?
Do you know what a bigot is??? Clearly not
@@demophys4883Someone who doesn't support crime is a bigot now?
More to come, folks...brace yourselves..
Corporations are paying these increases in property taxes and insurance premiums also, that has nothing to do with this story. The bottom line, even though you rent, you are paying property taxes and insurance too. So when you vote to stick it to the man by voting to increase property taxes, you are digging your own grave.
Not all of them. Some of them are exempt on hundreds of acres.
@@AirConditioned
Are you referring to farmland? Then that’s a totally different subject. For housing, there is no exemptions. WallStreet doesn’t own every single rental property, a lot of small time mom and pop landlords too, lots of minorities as well. No one is exempt from property taxes or insurance. If there was any exemptions, it would be all over the news.
@@mylifeintexas Of course there are exemptions. Homestead exemptions. religious exemptions. And a thousand acre farm is not a "different subject." It's property taxes.
@@AirConditioned
No homestead exemption for investment properties anywhere that I’m aware of. I’ve never heard of a religious exemption except for a church or a place of worship, and again, farmland is exempt if the conditions are met but that doesn’t have anything to do with housing. Believe me, I run about 30 homes, I don’t get any exemptions or anything. People vote to increase property taxes and think they are immune to those effects. They are not. It’s a business, I need to make enough to cover costs for repairs and other unforeseen expenses. I replaced 9 AC units this summer. At about $7,000 each, that’s $63,000. These homes carry a mortgage which I have as low as 4% and 3%. Roofs are not free either.
If my taxes could reduce 55%, it would save my tenants about $150 a month. If my insurance would reduce back to the levels they were in 2016, last house I bought, would save my tenant’s another $200 a month each.
@interplanetarycop farmland? it's not exempt, ag land has always had a superlow mil rate.
Rent cost as much as I make per month
That sucks! I know someone living out of his car to avoid rent. He has a 24-hour gym membership to take showers. He's a security guard and saves about 60% of his monthly income.
@@benjohnson7950 That's very smart. I unfortunately have a wife that can't work due to a disability but she only gets $650 a month and we have 2 kids. It's crazy out here
All done by design. Some people in Chicago appealed their taxes and they saw a only very small fraction decrease. Then they
appealed again for the 2 nd time and no further decrease was given to them. Those property taxes were doubled from a prior year
I use DIY property tax appeals. If they can't get your taxes decreased they won't charge you until they do and it's only like $150/year.
You voted for it. And you can appeal each year if the assessor or the board of review doesn’t return a decision to your liking.
Thanks Democrats. You guys are great Americans, truly caring ppl.
Now we know how they're going to finance the illegals arriving.
Yes, making it harder for the poor, and everyone else. but they wont understand what you or I are saying.
If only all politicians became republican, what a wonderful world. Or are their any other parties?
Someone has to pay for the five million immigrants headed to Chicagoland 💲💲💲💲
@@donatello4041the GOOP is all talk and no action. Uniparty is all there is.
They need money to pay for all those migrants!
💯💯💯💯
aka illegals
Exactly!!! They took 51 million dollars from the city budget, so they will find a way to get their money back.
Nothing to do with migrants
@@user-pb1ic7pi9c HAHAHAHAHAHAHAHA!!!! Right. It has to do with ILLEGALS.
Can't afford to rent, Can't afford to buy.
Cross the boarder illegally, and its all free!
Welcome to Brandon's America
It's because your tax money is being used to transport, house, feed illegal immigrants.
It is a money grab by towns and cities. I would guess rents to go up 25 % due to all the other things going up like insurance, utilities, and repairs.
It's a suburban area, which means city infrastructure is spread out among fewer people. If you want urban city service with suburban density, then it means you gotta pay a lot more. And suburban infrastructure is shockingly expensive; Urban3 estimates it around $6500 per household per year nationwide. That's not as terrible as it sounds, as the difference is met via sales taxes and municipal bonds, but it's still shockingly expensive.
There's a reason cities, even poor broken down ones, are such economic powerhouses; their tax revenue isn't spent entirely on urban infrastructure services.
Yeah taxes are a money grab. Grow up. 😂
how much are taxes to live inside a 15min city? That is where this is all going.
@@francismarion6400 It's so much more financially sensible to drive a vehicle to get anywhere. Especially nowdays, with new and used vehicles so cheap!
@langhamp8912 The Federal taxes aren't distributed and collected evenly.
😂😂😂 your votes count. Think before you cast it ....
This is why I bought a home where the property tax was based on the last sale price of the property and won't go up until it's sold again.
The only thing you can appeal is the value of your property. It’s unfortunate. It’s up to your officials to ease the burden on residents. That’s steep. Good luck.
Good, we need to raise money for those new migrants. Don’t complain.
Voting has consequences? Who knew?
@@JohnSmith-ux3ttyep, I spent all of 2019 and most of 2020 telling people not to vote for Joe Biden and they laughed at me. Well, who’s laughing now. Not me and definitely not them.
Remeber the people of Chiraq voted for this. Let's all celebrate the Eutopia they wanted/got.
Those taxes are needed for the illegal immigrants
And for your family who are no better than them. Move to Europe if you don’t want to pay taxes.
Echo, echo, echo
@@DaveAnderson-ic6oo no my family are not low IQ welfare dependent illegal immigrants killing the United States maybe you should house a dozen fat lazy welfare dependent illegal immigrants in your home lol
@@DaveAnderson-ic6oo Actually if they're born here then they are better.
and sorry Americans pay taxes for America, and it's infrastructure not other nations and illegal people who don't deserve citizenship.
@@DaveAnderson-ic6ooHe didn't destroy his country.
Voters in Chicago voted these bozos in and deserve what they get, don’t come crying now…
Exactly! I'm so tired of their own mistakes that they always blame others for.
Voters in Chicago didn’t vote for the bozos in Plainfield and westmont 😂😂😂
When you install individuals that are perfectly happy with driving you into poverty 😂
Vote blue no matter who.
Voting Blue caused this mess in the first place !!!
People who vote Republican vote red no matter what too. Yet you don't see the problem. Lol
You voted for all of this!
That’s what happens when you let them stuff elections 🤷🏻♂️
Uhaul is the answer .
😂😂😂
You going to have to live somewhere.
This is in every state. Property tax going up all around.
More so in democratic cities and states.
@@user-pr5uk2wj6l Citation
Less residents in IL = more taxes for the remaining residents. IL is usually in the top 3 states for losing residents annually.
Wow Bidenomics is working😅 my car insurance went up $60 cuz the state tax.
Bidenomics…Bidinflation…BidINVASION….he’s winning at his plan to DESTROY AMERICA
And what does Biden have to do with local property taxes? You'll probably wake up with an upset stomach tomorrow and blame it on Biden. Your derangement syndrome out of hand.
As Joe Biden would say.. He day eat fish, man , lifetime fish.
And you know........the thing
Cmon Man!
STATE tax you say? what does Biden have to do with your STATE tax?
@@Wesley-rn7oc well, Biden has taken a SLEDGEHAMMER to America and the financial lives of Americans and you want to split hairs over what State and what The Commie dictates?
Pritzker and Johnson are great aren't they 😊
They're very good at fleecing the sheep!
IL is the worst for property taxes and the schools are still mostly sh!t
Property owners and their renters really should not be shocked at this point when clearly the storm of increase property tax could be forecasted long before the bill arrived. Renters, nationwide, are not immune when the increase of property taxes will be pass on to them to pay.
That’s a huge amount.
Thank the democrats and the 81 million voters! LET'S GO BRANDON!
Thank Trump the rapist.
You can write to him in prison soon.
Let’s go Trump!!!
😮
Even if you’re property is paid for those taxes are like paying rent. Add that up after a few decades
The assessors office only needs to raise property taxes to cover county's budget.
If the country's budget has not increased 55%, then there's no reason for the property owners property taxes to have to increase 55%.
The country can't take money from property owners like this for no reason.
The country needs to control their budget and keep property taxes stable.
There should be a percentage limit on how much residential property taxes can increase year to year.
if it wasn't the government doing it, it would be illegal.
Where have you been? They need to house and feed all the illegal aliens and that cost millions. More tax increases are coming since more illegals are coming. You can thank your local Democrat for this or send a thank you note to Biden for his hospitality.
Yeau but whatcha gonna do
Property taxes are based on the value of the property. Property values have been increasing in most areas of the country and the county/city taxing authorities are reassessing the property values and getting increased property tax income. In some smaller communities they don’t reassess property values annually in order to keep from increasing the burden of property taxes on the property owners, not all of whom can afford the higher taxes.
@@JT_70 it's absurd to think values have appreciated 55% since the last assessment, though. this is also why there's a system in place to dispute the increase, because the assessors are wrong so often. you might as well ask zillow, which no one respects as a real value.
It's all part of the plan.
How about we all stop paying taxes collectively. They can throw the entire country in prison. I’m tired of this
There are too many sheep for that to occur.
They’ll just garnish your income
Over a 50% increase in one year to the next? That's criminal.
This is the cause of high rents not landlord greed.
This is a result of voting for leadership that keeps raising taxes.
Nah it's greedy landlords cpi report proves that
Exactly!!! It's not the landlords it's the city of Chicago. Just remember a few months ago the city took out $51 million dollars from the budget for free housings, free meals free healthcare for illegal immigrants and they have to find a way to get their money and that's where tax payers comes in at!!!
It is one cause. Another cause is that the landlords have to make up for the money they lost on Covid deadbeats; and that is going to take years.
Rising cost of interest rate, property tax and insurance, is that so difficult to figure out! Why aren't the govt reducing the property tax and rate? Why are they allowing fed to print more monies causing inflation.
Well someone has to flip the bill to pay for the illegal aliens.
If you're struggling to feed your family, pay your rent/mortgage and keep your car thank a democrat voter and most of all thank Joe Biden and his Bidenomics.
Nothing to do with biden
@@user-pb1ic7pi9c are you kidding? It's Biden's inflation making everything go up. I can't wait until the second civilian war fixes this!
@@user-pb1ic7pi9c we had a thriving economy and then Joe Biden.
@@user-pb1ic7pi9c LOL OK
@@user-pb1ic7pi9c Biden is a puppet it's the fault of whoever is pulling his strings. Bidenomics is just a simple way to refer to one of the biggest government messes of my lifetime.
LOL again they keep crying about things THEY voted for!
Voter Fraud!
I agree. To be fair, though. IL is the worst gerrymandered state in the union. Democrats have a stronghold here. I know a lot of non-Democrats who have jobs and families who can't leave. A lot of us didn't vote for this, but unfortunate enough to be trapped in the meantime.
@@futtbucker96 L.A. California too. You talk to us people live here. And 90% are Anti-Dem. Yet, they keep winning. Which no one can figure out. Untill Trump proved that there is indeed voter fraud. And the government gets away with it. Scary Times.
Welcome to Brandon's America
Welcome to BIDENFLATION
Its happening everywhere ! Here in tx we got our property tax shock in june !!!
How much did it go up? Is it even worth buying a house? Sounds super expensive with property taxes constantly going up.
Look what's happening in NYC. Money doesn't grow on trees. Chicago, as Sanctuary City isn't the exception.
The NYC cuts expenses in vulnerable places to get billions for Asylum Seekers
The cost of housing migrants in NYC is so extraordinary - an estimated $12 billion - that Mayor Adams says he must cut city services to afford it.
To manage those expenses, Adams says the city is planning to trim services such as library hours, meals for senior citizens, re-entry programming for Rikers Island prisoners, and free, full-day care for three-year-olds.
Thank you Democrats for unaffordable home prices and more homelessness! Wonder what’s the cause? High crime rates means only a few neighborhoods are habitable
Capitalism is the cause. No matter who you vote for, you're gonna get the same system lol.
Who would want to pay that much and still be stuck near Chicago?
Thank God for rural KY, acre and a half with two homes costs me 200 a year in taxes
bidenomics
he is not taking hardly any of the burden....$100/month x 4 x 12 = $4800.......means each of his four tenants that he says he "feels for" is paying nearly twice the burden he is
As he mentioned, it's certainly not only the property taxes that have gone up. Insurance and any maintenance fees are up substantially as well.
He still paying the bulk of the property tax. That just extra on top of all the property tax. Taxed on something he already bought years ago too! And it many things that gone up with that. Permits, upkeep, insurance etc.. All thing that have to be paid for. It not Free.
Assuming they're 2 bedroom apartments averaging $2k/month (plus the extra $100) that would be roughly $100.8k/year those families (combined) are paying compared to his $59.2k. But it's still the government's fault for raising taxes. He used to be taxed 103k. So that means before he charged his tenants the extra $100, he was only paying about 7k in taxes (while rent covered the other 96k). Taxes in this country are getting out of control and it's always the poor and the middle class who suffer.
@@prophetseven728 keep telling yourself that...the BULK in other words almost ALL of the property taxes were already included in the existing rental cost that he just jacked up even more so he did not have to feel as much pain as his tenants
@futtbucker96 Your math is fuzzy. The property cash flow is $100,800 but you don't have a complete picture of what the other expenses are for the building. Tax assessments in Cook/Will Counties are semiannual so 30-35k/6 months against 50k in rents doesn't seem to leave anyone with much breathing room.
As an Illinois homeowner I think the real story is relentless tax increases. Mine have doubled and risen again in one year. My brother has a condo in Chicago and his property taxes tripled. Its no wonder rents are going up.
These places have no choice. You put rent controls on these rentals on top of that you will break them and end up with San Francisco, tents and crime everywhere. Just watch.
You get what you vote for! Keep voting for hand outs and you can be sure they are going to increase your taxes.
Exactly!
Sure vote republican and all the prices will go way down. Maybe another round of tax cuts for billionaires will help.
Sheep.
😂
It'd be nice if people didn't vote selfishly... or simply to keep the other guys out. Honestly it'd be nice if the two party system would vanish entirely. It's the reason everyone is so polarized. The citizens of 18th century Europe knew how to handle tyranny. What's stopping us? Oh yeah, it's the other guys fault.
The assessor: Hey property prices have been going up, gonna have to assess your house to match.
Realtor: Hey property assessment has been going up, should match the sale to trend.
At what point is the price too ridiculous?
It's call robbery !
So last year renters had it $1200 dollars easier while landlords had it $53,000 easier. This is the world we live in. Clap yourselves on the back for a job well done. Keep voting for the same people. Great job!
Illegal immigrant housing and schooling is not free. Lets welcome them all, by accepting these slight increases, and move forward.
It is what it is
All games to put money in their pockets. Just because a property near you sold for much more than yours is worth doesn't reflect that your property is worth the same.
Its time to claim your tent in Humboldt park
Sanctuary cities are not cheap, a lot of takers no makers, you have to make up for your new neighbors.
Chicano Illinois, How much in Pesos??
Taxpayers are nothing but a big pinata.
When the Democrats smack it hard enough, more money spills out.
You are going to have so much more homeless people coming in the new year what a shame, now we all know where the increase is coming from, towns & cities greed
That’s a mafia style hustle wide open robbery
If you will notice, government took over most of the Mob's "businesses". The Mafia actually took a smaller cut!
Remember your minimum wages went up 50%? You can definitely pay for it.
Same in Florida, our property taxes are going up 40% this year. Totally ridiculous. WMF, you will own nothing and be happy, hmmmm.
Liar
Someone has to pay for the five million immigrants
And 5 million illegals is just what the U.S. gets in NINE MONTHS.
Dump them in Alaska or the north pole.
Trump 2024!!!!!!!!!!!!!!
Does he plan to end capitalism or something? That's the issue here
A Florida mortgage cost less than Chicago property tax.
LOLOLOLOLOLOLOLOL!
Vote Blue no matter who!
This wouldn’t have anything to do with illegals would it ?
Begin dropping civil service compensation until things balance out. Misappropriation of taxpayers money needs to stop now.
Why would a property tax change at all, unless they did significant remodel or property changes? There is no legal ability for them to re-assess unless such changes took place.
Corruption.
they can come in and count your pieces of silverware if they want to.
Sales tax is next.
It’s to pay for the 30 million/a month to pay for asylum seekers
It's happening all over the country. My son has a rental house the taxes has doubled in the last 8 yrs.
Zero sympathy for Democrat voters.
Landlords do not contribute anything to society.
He passed to whole tax increase onto his tenants.
Landlords are welfare parasites.
They sit on their butts milking people for free money, getting free property off the tenants dime.
The Progressive Utopia you voted for.
We are all screwed under Obiden!!!
I’m all for increase in property tax, but only for investors.
55% property tax increase leads to a $100 increase in rent. Hiring an attorney also cost thousands of dollars. Where does the money go?
To Ukraine
This adminstration or should i say admonsteration doesnt want americans to own anything!!!!!!!thats why this is happening !!!
Always putting it on the backs of the working people.
To give away to the people that do nothing and did nothing.
Keep voting for these politicians
You have voted, now you must pay
IN GREED WE TRUST
ya get what ya vote for.
You guys voted for this!
Voter Fraud!
Voted for capitalism? Everyone who takes part in American election are to blame if that's your logic. No matter who's in office, the system of letting people charge whatever they want will remain.
This story is missing an important fact. While the value the property went up by 55%, this does not translate into a 55% increase in the property tax paid. The amount paid is what is relevant to this issue.
I just had to explain this to another troll..lol
Florida is even worse one bedroom at least 2000
Woah! Arlington heights, Aurora, and Westmont are cheaper than ANYWHERE in FL! Looks like I'm moving!
As a landlord I’m soooo sooo glad they are finally showing it from our point of view
But are you fighting it? Or are you just going with the flow and keep increasing rent? Because one makes you a good person, the other shows you don't give two sh$ts. I can only assume based off your comment that you aren't fighting for your tenants. You just wanted people to see from your point of view, which doesn't make you look better.
Yea, and when I contact my landlord to fix something or replace an item in the apartment you take forever to replace/repair it. Don't hand me that baloney.