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This article doesn't take into account the negative migration that's been happening from Cook county for the past two decades. Less demand means lower prices.

This article doesn't take into account the negative migration that's been happening from Cook county for the past two decades. Less demand means lower prices. Also the claim that Chicago even has high property taxes for housing isn't really true. See here: https://www.rosenfeldinjurylawyers.com/news/chicago-property-taxes/ https://www.rosenfeldinjurylawyers.com/news/chicago-property... and here: https://www.lincolninst.edu/sites/default/files/pubfiles/50-state-property-tax-comparison-for-2017-exec-summary.pdf https://www.lincolninst.edu/sites/default/files/pubfiles/50-... Currently trapped renting in a high property tax area because the monthly tax bill would be as high as the mortgage payment. This rent trap is starting to feel real permanent because any raise in the property tax just gets passed through to the renter when they raise the rent each year.

brockwhittaker 4y ago
They label property taxes as an absolute value paid, rather than as a percentage. Illinois per the Tax Foundation had the second highest rate*. In fact, it speaks to Illinois' and Chicago's affordability** that with such a high marginal rate, their property taxes as a dollar amount are on-par with many other states. * https://taxfoundation.org/how-high-are-property-taxes-in-your-state-2020/ https://taxfoundation.org/how-high-are-property-taxes-in-you... ** https://resources.oxfordeconomics.com/hubfs/Housing_affordability_fell_in_Q2_and_is_likely_to_worsen.pdf https://resources.oxfordeconomics.com/hubfs/Housing_affordab...
- always2slow 4y ago
  I'm not sure what you're saying, yes Illinois property taxes are high but that's mainly because of the collar counties around cook (https://www.civicfed.org/civic-federation/blog/2017-effective-property-tax-rates-collar-counties https://www.civicfed.org/civic-federation/blog/2017-effectiv...). It's hilarious that you think that high taxes has done anything good for Illinois. the state is bankrupt and in absolute shambles financially. The taxes are high on everything to try to dig out of the hole (which will never happen), effective sales tax in the Chicago area is now over 10%!! All of this nets reduced buying power so yeah, housing will probably be slightly cheaper on average but at the cost of standard of living all around. Your argument is absolutely clueless to the reality on the ground. High property taxes just look good on a spreadsheet.

brockwhittaker 4y ago

They label property taxes as an absolute value paid, rather than as a percentage. Illinois per the Tax Foundation had the second highest rate*. In fact, it speaks to Illinois' and Chicago's affordability** that with such a high marginal rate, their property taxes as a dollar amount are on-par with many other states. * https://taxfoundation.org/how-high-are-property-taxes-in-your-state-2020/ https://taxfoundation.org/how-high-are-property-taxes-in-you... ** https://resources.oxfordeconomics.com/hubfs/Housing_affordability_fell_in_Q2_and_is_likely_to_worsen.pdf https://resources.oxfordeconomics.com/hubfs/Housing_affordab...

always2slow 4y ago
I'm not sure what you're saying, yes Illinois property taxes are high but that's mainly because of the collar counties around cook (https://www.civicfed.org/civic-federation/blog/2017-effective-property-tax-rates-collar-counties https://www.civicfed.org/civic-federation/blog/2017-effectiv...). It's hilarious that you think that high taxes has done anything good for Illinois. the state is bankrupt and in absolute shambles financially. The taxes are high on everything to try to dig out of the hole (which will never happen), effective sales tax in the Chicago area is now over 10%!! All of this nets reduced buying power so yeah, housing will probably be slightly cheaper on average but at the cost of standard of living all around. Your argument is absolutely clueless to the reality on the ground. High property taxes just look good on a spreadsheet.