Question: Is a 50% increase in property taxes every three years normal?
I’m just wondering if this is normal, or if there are municipalities out there that are actually able to stabilize their budgets a whole lot better. Granted, I live in Cook County (suburbs of Chicago, IL), which I know has a budget crisis, so maybe I’m just in a bad area. Then again, for all I know, this is just part of real life, and I just have to find ways of making more money, which I have so far.
Just so everyone knows, I’ve had my property taxes challenged each time they’ve been increased, and gotten a reduction every time. However, it’s still close to 50% more every three years. At this rate, my property taxes will exceed my mortgage in the next 6 years.
This is unsustainable and intolerable for me long-term. Are there any other alternatives? I’ve heard of unincorporated areas, but I would think that they’re still subject to county taxes. Of course, there’s retirement communities, but I’m nowhere near old enough to live there anyway.
In any case, I’ve reached an agreement with one person to rent out a room in my home. Plus, I have another who is also strongly interested. At least this will help to offset the increase in costs until I am able to otherwise increase my income or sell the home.
Thanks for the info.
I’m just wondering if this is normal, or if there are municipalities out there that are actually able to stabilize their budgets a whole lot better. Granted, I live in Cook County (suburbs of Chicago, IL), which I know has a budget crisis, so maybe I’m just in a bad area. Then again, for all I know, this is just part of real life, and I just have to find ways of making more money, which I have so far.
Just so everyone knows, I’ve had my property taxes challenged each time they’ve been increased, and gotten a reduction every time. However, it’s still close to 50% more every three years. At this rate, my property taxes will exceed my mortgage in the next 6 years.
This is unsustainable and intolerable for me long-term. Are there any other alternatives? I’ve heard of unincorporated areas, but I would think that they’re still subject to county taxes. Of course, there’s retirement communities, but I’m nowhere near old enough to live there anyway.
In any case, I’ve reached an agreement with one person to rent out a room in my home. Plus, I have another who is also strongly interested. At least this will help to offset the increase in costs until I am able to otherwise increase my income or sell the home.
Thanks for the info.
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