Posted on 03/11/2019 9:55:34 AM PDT by george76
Vikki L. Pryor paid $757,000 for a four-bedroom, four-bath home at 1001 N. Euclid Ave. in northeast Oak Park in August 2005, or $975,657 in today’s dollars.
The home sold on Feb. 26 for $590,000, or 40 percent less than what she paid for it.
Pryor’s property taxes rose over the same period. They were $9,249 when she bought the home in 2005, an effective tax rate of 0.9 percent. Last year, they were twice that -- $20,652, or 3.5 percent of her sale price.
All told, Pryor paid $207,132 in property taxes over 13 years of ownership.
Pryor's story is now commonplace in Oak Park,
...
The effective property tax rate, or the percentage of your home’s value that you pay in property taxes each year, averages 2.31 percent in Illinois, three times the 0.87 percent tax rate in neighboring Indiana, according to WalletHub.com.
Nationally, the average effective property tax rate is 1.3 percent.
...
$81,218 in taxes on a home worth $61,000.
MacArthur “Mac” Alexander.. sold his Maywood four-bedroom, two-bath historic Victorian at 903 N. Third Ave. on Feb. 3 for $61,000.
He originally paid $400,000 -- $467,642 in today’s dollars -- for the home in November 2008,
...
His taxes last year: $9,379, or 15 percent of his home sale price. Cook County claims the home is currently worth $133,318, an effective rate of 7 percent.
In 10 years of ownership, Alexander paid $81,218 in property taxes.
(Excerpt) Read more at westcooknews.com ...
Typical Democrat run city...ballooning debt and taxes and they want to take control of the country again promising the same thing Obama did..higher taxes and more debt.
Well somebody has to come up with the money for those Democrat politicians to buy their condos in Kauai.
Yeah. Great. Move to Wisconsin and bring your IL Politics with you so you can wreck our state, too. :(
“””All told, Pryor paid $207,132 in property taxes over 13 years of ownership.”””
What did she get for that money?
Why would anyone want to live in Illinois, let alone Cook County. My God!, Sell your house for way less than you paid forit and on top of that get a tax assessment multiple times greater that the true value of the home.
Glad I didn’t “invest” in a Shitcago home. Might as well have burned the money.
Whole article is worth a read.
The added burden here....if this was a no income tax state, and just property tax...it might be acceptable. But on top of property tax, you have to pay the income tax? No.
I’ll predict a continued escalation/spiral downward. This $757k house in 2005, which sold last month for $590k....will probably drop to $400k by 2025. All of this will simply quicken the pace of people leaving the state. You can see a serious financial mess in ten years.
“MacArthur “Mac” Alexander.. sold his Maywood four-bedroom, two-bath historic Victorian at 903 N. Third Ave. on Feb. 3 for $61,000.
He originally paid $400,000 — $467,642 in today’s dollars — for the home in November 2008”
—
Good lord,someone made out well in 2008.
.
Sounds just like California.
How does it even make sense to buy a house with exorbitant property taxes like that? Even with decent appreciation it’s still a losing proposition. I’d want to be free to pick up stakes and move away whenever I wanted, if for some strange reason I just had to reside in such a place.
For the record the Oak Park City Council makes Chicago’s seem sane.
L
> You can see a serious financial mess in ten years.
They’re (state and local governments in IL) already in a serious financial mess. In a couple of years it’s going to get brutal when there’s no money, and no one will lend them anymore to kick the can further down the road.
You vote for higher taxes and surprised you get higher taxes?
The numbers are very suspicious, he continued to pay a mortgage for a $400,000.00 house when the value collapsed like that, and paid property tax double what it was worth? He must’ve paid cash, something’s weird there.
The only solution is to keep voting Democrat. More taxes will fix everything!
>>>Sounds just like California<<<
How so? In CA Prop. 13 limits Property Taxes to 1% of Assessed Value and that can only rise by 2% a Year.
The only additional Property Tax is for Voter approved Bonded Indebtedness. In the case of my CA Home that makes my effective Property Tax Rate 1.25%.
When we bought the House back in 1992 our Property Taxes were about $2,600. Now 27 Years later they are about $3,600.
“He must’ve paid cash, something’s weird there.”
—
Agreed-—I checked the address on Google and it seems to be a very nice neighborhood. Who knows?
.
Chicago is the new Detroit.
Nice find!
The article does not mention the rock bottom real estate tax of years back.
Had some kin that lived in Irving Woods neighboorhood, as far west as you can go off of Irving Park road and still be in Chicago, mostly coppers and firemen.
For years they were paying a couple of hundred dollars a year, Out here in DuPage, I was paying a couple of thousand.
They claimed an unimproved street and ally.
I lived on a gravel road( chips & tar).
1980 we paid $1,100, today $7,000 PLUS!! DuPage.
My street is now paved, no curbs.
Zillow shows the house sold in 2016 for 400K, the tax of $6507 for 2016
Blame Frank Lloyd Wright for this.
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