Illinois’ property taxes have skyrocketed. What does that mean for the market?
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Today we’re going to be talking about the Illinois real estate market. More specifically, what I want to talk about is what’s going on with the taxes in Illinois.
Property taxes in Illinois, as most people already know, have completely skyrocketed. I’d say I talk at least once a day with someone who’s asking me about the property taxes and what will happen in the market next year.
Because so many people are talking about it, I have a feeling that we’re heading into a shift in the Illinois market, specifically in Cook and Lake County.
Since taxes have gone up so much, people really cannot afford their homes anymore.
For example, I was at a house two months ago that was worth $260,000, and when they bought it 15 years ago, the taxes were $3,000. Now, those taxes are over $10,000. The owners are struggling to figure out how they’re going to afford their home. And when everyone puts their homes on the market, the tax increase will cause the property values to go down.
I do think that by this time next year, a lot of people are going to be putting their homes up for sale so they can move out of Illinois. Property values have gone down and will likely continue to do so, until the government in Illinois actually understands the ramifications of raising the taxes above the point where many can afford them. It’s a very serious situation for older families and people who are on a fixed income.
The state of Illinois really needs to decide how they’re going to fix the tax crisis because if this isn’t fixed, people will continue to leave the state.
The bottom line is that if you’re considering selling your home in the next couple years, you really want to consider the inventory that’s going to be coming on the market. Make sure you’re pricing your house right, that it looks good, and that your house is properly marketed to buyers.
If you’re looking to buy or sell a home, you can give me a call at 847-379-8813 or email me at Info@SpaniakTeam.com. Have a great day!