Rockford, ranked fourth, earned a “hotness” score of 98.15 out of a possible 100. There, homes spend an average of around 40 days on the market with a median home price of around $200,000. When considering metrics for median price, demand for Rockford homes increased around 18% last year compared to 2022.
I don’t want to add to the problem so I guess I’ll have to put my dream of living in Rockford on hold.
Freddy
2 years ago
Homes values are still way below a comparable one in states or cities with much lower property taxes. The buyers will get quite the shock when get get the property tax bill especially after the quadrennial reassessment. Tax rates should go down with rising prices but they will never be lower than they are now because of Ptell but the percentage of taxes to home value may go down somewhat. A $300K home in Rockford pays about $11-12K in taxes depending on deductions.
Right. Someone would have to be quite naive to buy a house in Rockford without researching the obscenely high PT bill. Or, put another way, how could Rockford be a hot housing market when it has a four percent PT rate? The findings in this report don’t make sense.
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.
I don’t want to add to the problem so I guess I’ll have to put my dream of living in Rockford on hold.
Homes values are still way below a comparable one in states or cities with much lower property taxes. The buyers will get quite the shock when get get the property tax bill especially after the quadrennial reassessment. Tax rates should go down with rising prices but they will never be lower than they are now because of Ptell but the percentage of taxes to home value may go down somewhat. A $300K home in Rockford pays about $11-12K in taxes depending on deductions.
Right. Someone would have to be quite naive to buy a house in Rockford without researching the obscenely high PT bill. Or, put another way, how could Rockford be a hot housing market when it has a four percent PT rate? The findings in this report don’t make sense.