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Property Values Do Go UP TOO!

By Peter Olson, Esq.

I saw our friends down in Springfield passed legislation that would put Cook County on an annual reassessment schedule rather than our little triennials that I so now enjoy. Sounds like a tax grab and more expense for the Cook Assessors office.

Here's the quote from the bill's sponsor:

Rep. Kevin Joyce (D-Chicago), the legislation's sponsor, said the current three-year reassessment cycle is "not fair and equitable."

"We need to make sure that . . . people aren't paying an undue burden," Joyce said.

Or how 'bout having our taxes RAISED every year instead of just every three years. Rep. Joyce, yeah we are in the throes of some real estate strain but the value of real estate has only dropped like twice in the last 25 years so lets not overreact.

Full post as published by Closing Real Estate in Chicago on April 11, 2008 (boomark / email).