Property Tax Hikes Affecting Chicago's Low-Income Families
Chicago homeowners, particularly on the South and West Sides, are facing significant property tax hikes due to increased assessments and government spending on pensions.
A recent investigation by Illinois Answers and the Chicago Tribune found that assessments for over 37,000 homes in these areas have doubled or tripled, leading to substantial tax bills this fall.
- In Englewood, Roseland, and North Lawndale, median assessments increased by 119% to 160%, exceeding the citywide median increase of 22%.
“Even if I did sell, where would I go?”
These assessment spikes are driven by the need for local government funding, with property taxes being the primary source. Chicago's continued pursuit of additional funding rather than reducing spending exacerbates the issue.
Author's summary: Chicago's low-income families face massive property tax hikes.