Chicago Public Schools Propose A Property Tax Hike
On Wednesday, August 24th, the Chicago Public Schools Board voted on a budget proposal that will affect all property owners in Chicago. Since recommended proposals to close the CPS 712 million dollar budget deficit by increasing the property tax rate has gotten the Board's approval, property owners in Chicago will see an increase in their property tax bill next year.
According to CPS' estimate, a homeowner with a property valued at $250,000 will see an $84 increase on his/her 2011 tax bill - payable in 2012.
Each taxpayer should be aware that a property's assessed value is one component in calculating property taxes. Although no property in Chicago is exempt from payment of the CPS tax increment, all taxpayers should remain vigilant and carefully examine the proposed assessed values of their properties as soon as they are received from the Cook County Assessor.
In these challenging times, it is crucial to pay attention to all communications from the Cook County Assessor and Treasurer. We suggest that all our clients with properties in Chicago contact FKKR upon receiving their assessment notices for consultation and assistance.
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