Scary Tax Hike for Investors --> Chicago and Cook County

[Imran H.]

Hi everyone,

Hope you are all doing well and enjoying the holidays! 

I was wondering if any of you had thoughts on the high tax reassessments in Cook County and tax increases in Chicago?  It seems as if some people can face a tax bill increase of 50%, maybe even more.

With the low interest rates and overall low taxes has made Chicago attractive to investors and homebuyers, in many cases creating bidding wars. Are you guys factoring in tax hikes in your purchases or preparing for increases for your current portfolio?

Do you have any suggestions for other BP members? My thoughts were that it may be a bad time to buy until the tax increases unfold. 

Thanks!

Imran

[Brie Schmidt]

We are still lower than most suburbs, and the increase is $500 per every $250k in value.  I honestly don't think that is going to scare off too many people who live in the city because of the amenities it provides