COOK COUNTY HOME VALUES DOWN 31%, PROPERTY TAXES UP 22% SINCE 2007


Cook County homeowners have yet to recover much of the home value they lost after the 2007 housing market crash. But that hasn’t stopped county homeowners’ property tax bills from climbing.

Average home prices in Cook County are 31% lower today than in 2007, adjusted for inflation, according to the most recent data from the Federal Housing Finance Agency.

Even though homes are worth less than they were prior to the Great Recession, Cook County property tax bills have on average jumped by 22%, after adjusting for inflation. Local homeowners felt this pain Aug. 1, when property tax bills in Cook County came due.

Cook County’s poor housing recovery is a national outlier: While home prices nationwide still have yet to return to their pre-recession peak, they are down just 5% since 2007. To put Cook County’s housing plight in perspective, its current decline in average home values is an alarming 500% worse than the nation as a whole.

The biggest factor driving rising property taxes? Unsustainable growth in pension costs for government workers. Pension liabilities have risen faster than taxpayers’ ability to pay, forcing state and local governments to constantly scramble for new sources of revenue – often in the form of property tax hikes.

This diminishes homeowners’ standard of living, and potentially their home equity, while jeopardizing government workers’ retirement security.

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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, Chicago, Economic Development, Economy, Elections, Finance, Illinois, Illinois Pensions, illinois politics, mike madigan, News, politics, Pritzker, Rauner, referendum, robert martwick, Roy F. McCampbell, senator durbin, senator Mulroe, Social Media, Taxation, vote, wages and tagged , , , , , , , , , , , . Bookmark the permalink.

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