Illinois Home Values down 21% and Property Taxes Up 7 % Since 2007


Illinois homeowners still have yet to recover much of the home value they lost after the housing market crash. But that hasn’t stopped those homeowners’ property tax bills from climbing.

Average home prices in Illinois are still 21% lower today than in 2007, according to the most recent data from the Federal Housing Finance Agency.

Without serious property tax relief – including pension reform – it is likely fewer will plant roots in Illinois.

Even though homes are worth less than they were more than a decade ago, Illinois property tax bills have jumped by 9%, after adjusting for inflation.

The recovery of home prices in Illinois is more painful compared with the national recovery. Since 2007, the decline in home values remains 300% worse in Illinois than the national average – with homeowners nationwide seeing property values just 5% lower today on average than they were in 2007.

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About royfmc

BS in Environmental Engineering from Northwestern University's McCormick College of Engineering MBA from DePaul University's Kellstadt's College of Business JD from DePaul University's College of Law
This entry was posted in #madigoon, #taxation, Illinois, illinois politics, mike madigan, politics, Pritzker, Rauner, Referendums, robert martwick, Roy F. McCampbell, Social Media and tagged , , , , , , , , , , , , , . Bookmark the permalink.

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