Chicago will have another increase of the property tax

Chicago will have another increase of the property tax

As part of a plan to increase the property tax approved by the Chicago city Council in 2015 for homeowners in cook County, including Chicago, the tax will again be increased. According to the Chicago Tribune, property owners can expect a 10% rate hike in the second half of 2017.

Tax increase in 2017 is the second of the four stages of the plan. Its original goal is to reduce the deficit of pension funds of police and firefighters due to additional funds received from the tax increase. Despite this, 3/5 of the funds collected this year will go to the Chicago public schools in Chicago pedagogic pension Fund, which is not quite consistent with the originally announced task.

The authorities expect that after the completion of the fourth phase of the plan, the city will collect the additional $ 500 million that will significantly contribute to the overcoming of the acute pension crisis in Chicago. However, argue the skeptics, the problem of pension funds can not be resolved in this way at the root, and irregularities in the implementation of the plan a lot.

For example, a Tribune study found an interesting fact. The results show that the assessment of housing in the city is unfair, and, therefore, the tax is paid unfairly. So, for unknown reasons, the office of the valuer for many years continues to inflate the cost of homes in the southern and Western quarters, underestimating the house throughout the rich North side.