Illinois home sales, prices drop in third quarter

Illinois home sales tumbled 21.2 percent in the third quarter, and the median sale price dropped 8.2 percent, a trade group reported Monday.

[Mo Shizzle]

In spite of all that dire housing sales and price declines, only my property taxes keep going up and up.

[John]

No kidding Mo, based on what the state has my house price assessed at for property taxes, I want to sell my house to the state.

Also, short term interest rates have no bearing on mortgage rates. So I have no clue what the point is with the big deal of the fed lowering rates.

Also, with the fed giving all this money to the banks and basically Nationalizing banks, why doesn't the Fed force banks to lower mortgage rates? Should be in there power.

Basically everything is aimed to do 1 thing: Screw the American Tax Payer and Middle Class.

[Cant take it anymore]

Agreed to both. I was reassessed lower, due to the housing market, but my taxes went up. How about that! I called the tax office and they said that the county multiplyer applied by the county for your area is higher this year versus last. That is why your taxes went up. What the hell is the county multiplyer? Anyone know?

[Alaz]

If the counties lower our taxes because our homes are worth less they will lose millions of dollars so they have to divise a way to keep our taxes up.

The only good thing about this all those overpriced homes will finally come down. Why should a 3 bedroom, 2 bath ranch in Antioch cost less then $200,000.00 and that same size house cost $700,000.00 in Highland Park. It's ridiculous.

[Deadwood]

KINGPIN wrote:

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The mass exit from the over priced, high taxes, and high crime slums of Chicago continues.
.
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Well, you're wrong. No one's moving out of Chicago - they're just no buying in at the same rate as the last 5 years. Neighborhoods like Lincoln and Wicker park, Lakeview, Roscoe Village (among others) are doing very good. It's the marginal neighborhoods like East Humboldt park that are stalled - at least for a year or 2 more.

[Joe]

County and city multiplier rates can be changed every year. If the values and correspondingly assessments go down but the city's budget remains fixed then the city will raise their rate to make sure they have enough to fund their budget. I own commercial properties and we have some buildings in the South Suburbs. We had the case where we owned a building in the most downtrodden suburb of all - Chicago Heights - and we got our assessment reduced slightly but they increased the tax rate in Chicago Heights from 11% to 18% in one year and our tax bill went up by more than 50% and we couldn't fight it. These municipalities really need to start slashing their budgets too or else you will end up with lower values, lower assessments, but unchanged tax bills.

[Mr Houston]

I disagree. I meet ex-Chicagoans every day in Houston. Almost all professionals. And almost always because of ridiculous cost of living, including housing.

[southsider]

You are on target. I live in South Heights perhaps 9,000 people. We have no parks/nothing for the kids. I would be lucky to get 180K for my home but my taxes are 4K. On top of that, you add in village stickers, and S. Hts. taxes ALL utility/phone/cell phone bills to the max. Add in all the franchise fees the town collects for cable/gas you can't afford to live in a moderate hood. I'd like to know what they do with the money. I wish it would be easier to take away home rule.

Taxes are also high in the Heights/S. heights area because of the schools portion. Remember, we have a high population of illegals.

Plus the 10% sales tax in both towns. I stopped shopping here and go to Will county or IN.

Again politicians blame everyone else for the housing mess, but refuse to point the fingers at themselves. Notice how the blame big bad oil but refuse to lower their taxes on gas and cry when people stop buy gas. Just like the housing taxes.

Joe wrote:

County and city multiplier rates can be changed every year. If the values and correspondingly assessments go down but the city's budget remains fixed then the city will raise their rate to make sure they have enough to fund their budget. I own commercial properties and we have some buildings in the South Suburbs. We had the case where we owned a building in the most downtrodden suburb of all - Chicago Heights - and we got our assessment reduced slightly but they increased the tax rate in Chicago Heights from 11% to 18% in one year and our tax bill went up by more than 50% and we couldn't fight it. These municipalities really need to start slashing their budgets too or else you will end up with lower values, lower assessments, but unchanged tax bills.

[Tax IncreaseMIneToo]

The greedy bas%^*&@ds should cut the real estate taxes too instead of raising them every year.
Just like citbank cutting 53,000 jobs, Crook County should lay off thousands of works that just collect a pay-check.
And the multiplier and assessed valuation calculation is just a fancy way for the assessors office to say "bend over" in an inconspicuous way.

[John]

Most of my friends that live in Chicago are renting.

They then realize how expensive everything is and then buy a house/condo in the burbs.

People I think just move to the city temporarily to experience it, then realize it sucks and is expensive, then move out.

[Tim]

Alaz wrote:

If the counties lower our taxes because our homes are worth less they will lose millions of dollars so they have to divise a way to keep our taxes up.
The only good thing about this all those overpriced homes will finally come down. Why should a 3 bedroom, 2 bath ranch in Antioch cost less then $200,000.00 and that same size house cost $700,000.00 in Highland Park. It's ridiculous.

Location, Location, Location that's why. Don’t forget better schools too.

[pjr]

Tax IncreaseMIneToo wrote:

The greedy bas%^*&@ds should cut the real estate taxes too instead of raising them every year.

Why? They get elected every time, no matter what.

They want your money, they take it, and you bring them right back.

Who's stupid?

[Lucid Realty]

This is fairly old news. Surprised the Tribune is just now reporting it. If you are interested in the long term trends of Chicago real estate indicators I track it here:

http://www.blog.lucidrealty.com/chicago_real_...

[specken english]

pjr wrote:

<quoted text>
Why? They get elected every time, no matter what.
They want your money, they take it, and you bring them right back.
Who's stupid?

You are dumb as!! I didn't vote for any of them.

[bill p]

Yeah but your property taxes didn't go down! What a ripoff and they get away with it!

[bill p]

Cant take it anymore wrote:

Agreed to both. I was reassessed lower, due to the housing market, but my taxes went up. How about that! I called the tax office and they said that the county multiplyer applied by the county for your area is higher this year versus last. That is why your taxes went up. What the hell is the county multiplyer? Anyone know?

It's one for you two for them! See

[Fumed]

Daley wants to still tax the real esate sales in a declining market,
so CTA bus drivers get a fatter pension to match the behinds they sit on!

[to dumb to learn]

Fools keep voting for daley stroger blago, just jack up the taxes on workers and see what happens.

[RU4real]

Its time that the assessed value of any home in this recession be lowered to reflect the poor drop in value. Taxes need to be adjusted downward, by the same percertage drop in home value. The politicians should jump on the home tax issues & help the citizens keep their homes.

[ken]

we need to stand together and set a day and time to protest not only high tsxes but to replace all city and county and state officials officials on an annual basis like they re acess property taxes we should evaluate the officials if they work for the people then they should be held sccountable and hired and fired by the people set the term on a one year election and if they do the job they keep the job if they dont we only pay for a year of wrong decisions remember change is good