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Confused by the downvotes here. In almost all of America (looking at you Cali) the property taxes are reassessed yearly to the value of the home. This is how w

• dominotw 9y ago
  Property taxes are used to fund all sorts of stuff, like a default cookie jar, so to speak. Chicago used hike this year to fund pensions This graph is a good summary https://d2dv7hze646xr.cloudfront.net/wp-content/uploads/2015/12/Screen-Shot-2015-12-16-at-5.46.59-PM.png https://d2dv7hze646xr.cloudfront.net/wp-content/uploads/2015... > Illinoisans’ residential property-tax burden – as a percentage of median household income – has risen 76 percent. https://www.illinoispolicy.org/reports/growing-out-of-control-property-taxes-put-increasing-burden-on-illinois-taxpayers/ https://www.illinoispolicy.org/reports/growing-out-of-contro...
• krrrh 9y ago
  The increase in city budgets is somewhat independent of the value of houses. If the price of every home in Chicago doubles overnight it doesn’t mean that Chicago would require twice as much revenue to deliver city services. Property taxes are based on assessed values because they are collected relative to other property in the same jurisdiction, not on an absolute basis. Other factors should have a bigger effect. For instance if crime halved overnight, the city could reduce its policing budget and lower property taxes, regardless of property value changes.