Wednesday, March 30, 2016

Real Estate Taxes

There was an informative write-up on Forbes regarding real estate taxes and how it can affect your home purchasing power. We had previously visited the issue of real estate taxes, and the burden imposed on individuals back in February.

The article did have a great summary at the end highlighting the real estate tax burden in each state. It's noteworthy that Illinois ranks in the top 3. That really does not leave much room for lawmakers to increase property taxes, but it has not stopped the City of Chicago from enacting a recent increase. Also with the recent court ruling regarding pensions it seems likely property taxes will continue to rise in order to cover pension shortfalls. This makes Chicago metro area real estate less attractive compared to other locales.

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