All Forum Posts by: David Kieta
David Kieta has started 7 posts and replied 22 times.
Hello Chicagoland property owners/investors! The Cook County Treasurer has come out with a neat new tool. The link below will take you to the Treasurer's webpage, where you will need to type in your PIN. It should then direct you to the "Where Your Money Goes" tab. There you will be able to see home much of your taxes go to each taxing body. You can also see which taxing bodies have increase their spending from 2021 to 2022.
Try this tool out with your properties and let me know what you think.
Thoughts?
I believe the IL Supreme Court made the right decision here. However, MB Financial had a creative argument, and they did rely on past precedent.
https://dsnews.com/news/10-31-2023/illinois-court-property-t...
Post: Property taxes are up by more than 900 million in Cook County
- Posts 22
- Votes 20
Quote from @Greg Downey:
"I'll vote when politics affects my life".......It does! your vote matters!
Local elections are the most important, but voter numbers are always the lowest.
Post: Property taxes are up by more than 900 million in Cook County
- Posts 22
- Votes 20
Maria Pappas makes a valid point. If you did not vote on the elected officials that determine a portion of your property taxes, you should not complain when the bill is due. Get out there and vote!
https://abc7chicago.com/property-tax-cook-county-bills-maria...
Quote from @David Kieta:
"A “doom loop” therefore looms for Chicago and many other cities: Commercial leases don’t get renewed, leading to slashed commercial property tax valuations, forcing a higher tax burden on homes, reducing the value of nearby commercial property and so on."
The above is the most important part of this article. Every taxpayer I speak to cannot understand why they are paying more in property taxes. The "Doom Loop" explains why residents in the City of Chicago will have higher assessments in 2024. However, increases in the suburbs and outer counties are due to local government overspending.
https://wirepoints.org/new-report-chicago-by-far-the-worst-a...
Here is an article that estimates how lowering office building value will impact homeowners in Chicago in 2024. https://therealdeal.com/chicago/2023/10/05/how-loop-office-s...
"If the tax value of downtown office buildings drops by 20 percent, which some experts believe is a conservative estimate, the average Chicago home’s property tax bill could rise from $5,244 to $5,424. In the event of a 40 percent decline, homeowners could see a nearly 10 percent increase, with the average residential bill reaching $5,723, assuming taxing authorities maintain their current levy rates." - Homeowners on track for property tax bumps thanks to office struggles
Post: What Do You Think of The Mayor's New Plan?
- Posts 22
- Votes 20
I think this is great! Hopefully a boost in home inventory will make housing more affordable for everyone.
However, I cannot help but wonder if he Mayor has some interest in construction companies that would benefit from this plan.
Quote from @Chris Seveney:
Quote from @David Kieta:
https://chicago.suntimes.com/2023/10/3/23902139/cook-county-...
This has been an ongoing investigation. It seems like all the parties that are guilty of taking bribes get off with a slap on the wrist.
"To prevent further economic decline and the potential loss of the Chicago Bears, the State of Illinois, Cook County and other local governments must take proactive steps to address its high commercial property taxes. Tax reform should focus on attracting and retaining businesses while ensuring a fair distribution of the tax burden.
Policymakers must act swiftly and decisively to foster an environment that supports business growth, job creation, and long-term prosperity. By doing so, Cook County can secure its economic future and ensure that beloved institutions like the Chicago Bears continue to call this region home."
-https://www.thecentersquare.com/illinois/article_9461977e-62...
Not surprising and this happens everywhere. We will not invest in cook county as we buy distressed mortgage loans and it is not worth the headaches of working within this jurisdiction.
https://chicago.suntimes.com/2023/10/3/23902139/cook-county-...
This has been an ongoing investigation. It seems like all the parties that are guilty of taking bribes get off with a slap on the wrist.
Post: National Home Prices are on the rise. . . . . . Again.
- Posts 22
- Votes 20
Quote from @John Warren:
@David Kieta interesting data for sure. It definitely doesn't match the doom and gloom we read about. Property taxes are interesting as well since they are changing the tax rates as the assessed values come up.
Yes, I am interested to see what the 2022 second instalment tax bills will look like this year. we will see soon, if the bills come out in November. I believe the tax rate will drop some, but local government has increased the budget, so I predict the tax rate will not be much lower than 2021.
Post: National Home Prices are on the rise. . . . . . Again.
- Posts 22
- Votes 20