Based on information from Fiserv the Crains Chicago Business has made the following image available. Some zip codes are down less than others compared to last year. Take your time and check it out...
http://www.chicagobusiness.com/article/20111013/PAGES/111019967
Monday, October 17, 2011
Friday, October 7, 2011
From John Fritchey Cook County Commissioner -- Property Tax Workshop
Upcoming Property Tax Workshop for Taxpayers in Lakeview Township Nobody wants to pay more in taxes than they are supposed to. If your property taxes are too high, you have every right to appeal them. Lakeview Township will soon open for appeals with the Cook County Board of Review, providing taxpayers in the township an opportunity to file an appeal of their taxes. To help you with this process, I, and Cook County Board of Review Commissioner Michael Cabonargi, will be hosting an appeals workshop to answer any questions you may have and to assist you with filing an appeal. Details are as follows: When: Thursday, October 20, 6:00-8:00pm Where: Saint Luke, 1500 West Belmont Ave What: Representatives from the Board of Review will explain the appeals process, answer questions and assist taxpayers in filing their appeals. **Please remember to bring your most recent property tax bill**
For more information, please call Bridget at 773-871-4000 or e-mail bridget@fritchey.com
Understanding Your Property Tax Bill It's that time of year again...property tax bills are making their way into your mailboxes. Because many of you may have seen the assessed value of your home go down, you might feel a sense of sticker shock when your property tax bill has increased. Or maybe your assessment stayed the same, but your bill grew sharply. As a way to help my constituents understand why this might be happening, I want to provide this property tax overview to answer some questions you may have. Taxing districts - from schools and parks to libraries and cities - need money to operate. They get this money from property taxes. Generally speaking, from one year to the next, tax levies will remain the same regardless of changes in property values. Taxing districts still need money to cover their bills even though home values in the area may have gone down (the same holds true if home values increase).
If my property value assessment went down, why are my property taxes going up? An assessment is basically an estimate of what a piece of property is worth. This valuation of the property helps decide what part of the local property tax levy will be billed to the property - basically, it helps the Clerk figure out who pays what. But remember, your assessment is only part of the overall equation... Tax rates are calculated by using the amount of dollars levied by the taxing district, the value of all taxable property located within its boundaries, and a state-issued equalization factor.
There are two main reasons your property taxes may have gone up this year: 1. The major City of Chicago taxing districts have asked for a 3.4% increase in property tax revenue - going from $2.001 billion last year to $2.118 billion this year. Much of the overall increase is due to the Chicago Board of Education asking for a $117 million dollar increase in funding. To put it in simple terms, if the whole pie gets bigger, so may your slice... 2. The Alternative Homeowners Exemption (also known as the 7% Homeowner's Exemption), is decreasing per state law and will be fully phased out in 2 years. As the the temporary exemption is phased out, the relief provided by it gets smaller.
For more information, please call Bridget at 773-871-4000 or e-mail bridget@fritchey.com
Understanding Your Property Tax Bill It's that time of year again...property tax bills are making their way into your mailboxes. Because many of you may have seen the assessed value of your home go down, you might feel a sense of sticker shock when your property tax bill has increased. Or maybe your assessment stayed the same, but your bill grew sharply. As a way to help my constituents understand why this might be happening, I want to provide this property tax overview to answer some questions you may have. Taxing districts - from schools and parks to libraries and cities - need money to operate. They get this money from property taxes. Generally speaking, from one year to the next, tax levies will remain the same regardless of changes in property values. Taxing districts still need money to cover their bills even though home values in the area may have gone down (the same holds true if home values increase).
If my property value assessment went down, why are my property taxes going up? An assessment is basically an estimate of what a piece of property is worth. This valuation of the property helps decide what part of the local property tax levy will be billed to the property - basically, it helps the Clerk figure out who pays what. But remember, your assessment is only part of the overall equation... Tax rates are calculated by using the amount of dollars levied by the taxing district, the value of all taxable property located within its boundaries, and a state-issued equalization factor.
There are two main reasons your property taxes may have gone up this year: 1. The major City of Chicago taxing districts have asked for a 3.4% increase in property tax revenue - going from $2.001 billion last year to $2.118 billion this year. Much of the overall increase is due to the Chicago Board of Education asking for a $117 million dollar increase in funding. To put it in simple terms, if the whole pie gets bigger, so may your slice... 2. The Alternative Homeowners Exemption (also known as the 7% Homeowner's Exemption), is decreasing per state law and will be fully phased out in 2 years. As the the temporary exemption is phased out, the relief provided by it gets smaller.
Friday, September 30, 2011
Spaces - Real Estate Transaction - Mortgage Contigency
The mortgage contingency is often key to a successful transaction. This is provides that the buyer will obtain a mortgage for a set amount, down payment, rate and duration by a particular date. That date is usually the amount of time that the buyer and their bank has determined it will take to confirm all the details of their financing. The buyer, and their attorney, must notify the seller if the date cannot be met, and request an extension of this date. With no notice the contingency is waived. If the buyer cannot get the financing described, the seller can find a commitment for them, in a specified time frame. To show that they have the ability to meet this contingency, buyers provide letters of pre approval from their banks. To a seller the best offer does not have this contingency, and would be a cash offer.
Tuesday, September 27, 2011
Spaces - Real Estate Contingencies -part 2
The second frequent contingency is for attorney review time period. Offers to purchase are made on standardized forms and the details are worked out between the buyer and seller during their negotiations. Once both have signed and the contract is accepted by both parties, the contract is given to the attorneys for each side of the transaction. They have a specified time to review the contract, and the legal details of the property and to make any clarifications to the details that were worked out during negotiations or issues that arise from inspection or any other due diligence that is done on the behalf of their clients. The attorneys cannot change the price that was offered for the property, but they do negotiate credits for items found in inspection or in the legal description of the property or its title, as well as clarify and explain any condominium documents.
Wednesday, September 21, 2011
Assistance in making mortgage payments
Illinois Launches Hardest Hit Program
The new Illinois Hardest Hit program aims to help working Illinois families who are having trouble making mortgage payments due to unemployment or under-employment stay in their homes. The Illinois Housing Development Authority (IHDA) has partnered with the U.S. Department of Treasury to offer temporary mortgage payment assistance. Qualified homeowners can receive up to $25,000 over 18 months as a 10-year loan to keep mortgages current and make ongoing payments, including fees and penalties. Go to http://lyris.illinoisrealtor.org/t/334220/16491058/3867/0/ to learn more.
The new Illinois Hardest Hit program aims to help working Illinois families who are having trouble making mortgage payments due to unemployment or under-employment stay in their homes. The Illinois Housing Development Authority (IHDA) has partnered with the U.S. Department of Treasury to offer temporary mortgage payment assistance. Qualified homeowners can receive up to $25,000 over 18 months as a 10-year loan to keep mortgages current and make ongoing payments, including fees and penalties. Go to http://lyris.illinoisrealtor.org/t/334220/16491058/3867/0/ to learn more.
Wednesday, September 14, 2011
Chicago Videos 2011 and 1948
Thanks to this blogger for creating a link to two wonderful films of our City. Check them out.
http://www.chicagonow.com/chicago-ground-up/2011/09/chicago-then-now-two-short-videos/
http://www.chicagonow.com/chicago-ground-up/2011/09/chicago-then-now-two-short-videos/
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