DuPage Property Tax Deferral Program helps seniors with property tax obligations

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.

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How to fight your property taxes

appeal taxesDepending on where you live, property taxes can range from a slight inconvenience to a crushing expense.

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.

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Chicago’s Emanuel won’t rule out property tax as pension problem looms

pensionproblemMayor 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.

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Sales of delinquent property taxes raise $1.6M

busysellWhile 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.

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DuPage Tax Rate Booklet

taxratechangeEver wondered what the tax rate tables look like for DuPage county? Well, wonder no longer – here’s the current, official tax rate booklet.

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DuPage Property Taxes rise by 12 percent

pile-of-cashMay, 2013: Property Taxes went up an average of 12% year on year for DuPage County.

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.

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Schaumburg lowers property taxes. Again!

fallingmoneySchaumburg’s proposed 2013-14 balanced budget projects lowering the village’s property tax levy another 1 percent at the end of the year while maintaining the village’s roads and existing services.

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.

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Illinois’ Gov Quinn signs bill giving seniors a break on property tax. At a cost.

quinnSenior citizens in most of Illinois will get a break on their property tax bills next year because of a bill Gov. Pat Quinn signed recently. That’s good, much-needed relief.

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.

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Fall behind on property taxes and you could lose your house to Hedge Fund Managers!

tax-lienFortune 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.

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How do we rate? Property Taxes, by State

suburbaerialviewEver wondered what property taxes are like in another state?

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.

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