Chris Holden

I'm Chris, and This is My Blog

Resident Property Taxes of Chicago

by Chris Holden - December 2nd, 2015.
Filed under: Chicagoans, People.

Two years ago a residence property in the Chicago would have been priced at less than $100000 for a three bedroom main floor unit. The same property is priced at over $ 600000 or more. This significant increase is coupled with the recent rise in tax assessment and the mayor’s plan to raise the taxes approved last October. Although the Rohm’s plan is set to exclude the resident property valued below $250000, the tax assessment increase is inescapable.
Assessment is done in every three years. The recent has pushed the taxes high above 48% increase. Its far is the most priced increases in the last years. The resident of Chicago living between the Halsted intersection and Division streets are most affected. The effect cuts across the East, West and North Township.
The north township has experienced a change from industrial to residential in the recent years. The difference is attributed to the building of British international school and relocation of Lincolns Park to the south of the city. The city demographic has changed with the most residential property set to come up sooner.
Only in the lakeside township did the tax assessment fall with 9.5%. It put into consideration the recent appreciation from the last recession in the mid-2000. On average the tax increment due to the tax assessment was priced at 10%. The rise of higher priced neighbored has made Chicago homeowners to be bear the brunt of tax increase. Nevertheless, it’s inevitable and set to grow more and more in the coming years.
The rise in taxes has a direct effect on real estate developers. They increase the development value as their taxes are set to raise more. Majeed Ekbal is real estate developer in Chicago. Majeed has been in the real estate business for over two decades and has seen the rise of the development cost of Chicago resident property increase with time.
Majeed Ekbal also a senior business executive specializing in marketing and advertising. Majeed is a graduate of the American University of Washington. Majeed can be reached through his personal website, LinkedIn profile, or soundcloud account. He is a positive attitude family man and an active member in Chicago philanthropy activities.

Leave a Reply

You must be logged in to post a comment.