Qualifying seniors ages 65 and older can apply through March 3 for the Senior Citizen Real Estate Tax Deferral Program in DuPage County. Those who qualify can defer up to $5,000 of their property taxes until the time they sell their home.read more
Here in Lombard, for example, the annual tax bill for my 2,500-square-foot waterfront home is close to $12,000 annually. Outside Atlanta where friends live, they were paying less than $1,000 per year.
But wherever you live, if you feel your taxes are unfair, you have options.read more
Mayor Rahm Emanuel defended his failed attempt to ease pension payments bearing down on the Chicago Public Schools and did not rule out increases in property taxes or class sizes after coming up empty-handed.
The surprise bill rejected by the Illinois General Assembly would have extended for two more years a so-called pension “holiday” that allowed CPS to pay just $196 million into the teachers’ retirement fund this year.read more
While this happened in Alabama recently, it happens here in DuPage county every year as well. Jefferson County and local city governments in Alabama collected $1.3 million in May from selling their rights to delinquent property taxes, according to a news report.read more
Ever wondered what the tax rate tables look like for DuPage county? Well, wonder no longer – here’s the current, official tax rate booklet.read more
Property tax bills are arriving in DuPaget residents’ mailboxes, and many are considering appealing their taxes but aren’t quite how to go about it. There are several options, aside from working with agencies who will appeal on your behalf. Recently, state Rep. Deb Conroy (D-Elmhurst) hosted a property tax appeal workshop in Glendale Heights to help DuPage residents understand the process.read more
Since the unpopular 2009 decision to impose Schaumburg’s first property tax, village officials have managed to reduce it by some degree every year as the economy and other sources of revenue have improved.read more
However, seniors getting a break means the rest of us will pay more. The tax pie won’t shrink because local taxing bodies are entitled to get the same amount they did the year before, plus the rate of inflation. That’s the way the Property Tax Extension Limitation Law, commonly referred to as tax caps, works.read more
Fortune Magazine recently ran an article describing how hedge fund managers are profiting from tax liens. One investor in foreclosed homes called the buying frenzy by hedge funds “reminiscent of junk bonds.”
Recently hedge fund executives descended on Miami last month for a conference on unpaid property taxes were treated to waterfront cruises of estates owned by Madonna, Shaquille O’Neal, and Elizabeth Taylor. The houses the profit-chasing investors were hunting? Houses with tax liens.read more
Florida has no income tax which explains why its property taxes are so high, but it doesn’t help explain why Illinois’ taxes are so high.
The following chart shows the amount of local and state property taxes collected per capita in each state in 2009.read more