In the #News #Economy #Politics - US Cities, Counties, and States Will Strangle Property Owners
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US Cities, Counties, and States Will Strangle Property Owners
Chicago homeowners are facing the largest property tax hike in at least 30 years, with the median bill rising 16.7% and some South and West Side neighborhoods seeing increases of 50% to more than 100%. New data from the Cook County treasurer shows that plunging values of downtown office buildings and other commercial properties — driven by high vacancies — have shifted more of the tax burden onto residential homeowners. Neighborhoods such as West Garfield Park, North Lawndale, Englewood, and Riverdale were hit the hardest, while many Loop commercial properties saw their tax bills fall.
Homeowners like North Lawndale resident Audrey Pierce say they are being penalized for revitalizing their blocks after dramatic assessment increases doubled their home values. County officials argue the assessments reflect rising demand in these areas, but many residents seldom appeal their valuations, unlike commercial owners who routinely hire attorneys.
The timing of the tax bills adds pressure as Chicago’s City Council debates Mayor Brandon Johnson’s 2026 budget, which avoids a property tax increase but introduces new business fees. Some aldermen warn that unpredictable spikes are harming both residents and local real estate markets. Community leaders and homeowners say the unequal tax burden threatens progress in long-disinvested neighborhoods, prompting calls for systemic reform.
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Source: http://www.edegrootinsights.com/2025/11/in-news-economy-politics-us-cities.html
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