Category Archives: Chicagoans

Chicago Neighborhoods Experience a Rise in Tax Assessments After This Year’s Reassessment Exercise

There will be another property tax increase come next year from the Mayor Rahm Emanuel’s tax proposals. The areas affected by the tax move will be centeredon Halsted and Division streets. The same neighborhood had an average tax assessment rising the more that 48 percent early 2015.
This is one of the highest increase in values of residential homes after the reassessment done in the whole city. When added to the higher tax proposed by Emanuel and passed later October 2015, the new value changes will affect all homeowners at Chicago Avenue Brown Line stop and between Clybourn Red Line stop and CTA’s North
The assessment also registers big jumps West Township 051 also called the East Village, North Township 030, which is a large swath of River North and Streeterville, and North Township 013, which is one of the a hundred and eighty-four sections that were re-assessed as part of the three-year reassessment cycle.
The recent developments in the North Township 13 area have made a tax rise inevitable. The area has had several condominiums and townhouses completed with commercial developments spilling south of the North Avenue. According to a property agent in the area, the area has become pumped-up with new stores, restaurants and residential homes in an area that was predominantly industrial five years ago.
Areas that experienced a tax fall
Lake Township 285, also called Longwood Manor, found on the east of the Southwest Side of Beverly, the average assessment dropped by 9.5 percent from the last assessment in 2012. Moreover, some parts of Rogers Township and Hyde Park Township experienced a rise of 7 percent and less.
The bills of the homeowners in this part are not likely to go up, as their houses are valued at $250,000, and below. Such homes are insulated against an increase in tax by the Emanuel’s plan.
The rapid increase in assessments in high-priced neighborhoods comes at the back of rapid appreciation after the recovery of mid-200’s recession. Home prices have been rising steadily and doubling up in a few months. This effect had to lead to an increase in assessments.
According to Majeed Ekbal, a leading real estate investor in the area, there has been a rise in services targeting the new homeowners. His company, Expresso, has been undertaking delivery services to the clients at their offices.
According to Majeed Ekbal, he has been offering convenience to the upscale customers who have little or no time to shop at the stores. The company makes grocery deliveries every day of the week with orders made after midday delivered the next day.