Cook County Assessor Fritz Kaegi said Friday that all homes, businesses and other real estate parcels could see their property values adjusted due to COVID-19’s effect on the market.
There’s no mention in the article of lower assessments resulting in lower property taxes. After all, this is Illinois.
nixit
6 years ago
If the property value of all homes, businesses and other real estate parcels are all reduced due to COVID-19, that won’t reduce property taxes. It’s a zero sum game unless the county either finds a new source of revenue (feds) or cuts expenses (not likely).
Totally agree. You will need to re-post this over the next two years as people will be adamant that their property value went down and they should pay less in property taxes. Property values are only used to determine your share of the total bill.
Governor of Alderaan
6 years ago
He’ll say property values are up because your home is now a Coronavirus shelter
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
There’s no mention in the article of lower assessments resulting in lower property taxes. After all, this is Illinois.
If the property value of all homes, businesses and other real estate parcels are all reduced due to COVID-19, that won’t reduce property taxes. It’s a zero sum game unless the county either finds a new source of revenue (feds) or cuts expenses (not likely).
Totally agree. You will need to re-post this over the next two years as people will be adamant that their property value went down and they should pay less in property taxes. Property values are only used to determine your share of the total bill.
He’ll say property values are up because your home is now a Coronavirus shelter
selling before the new tax bill