Small apartment building property taxes increased 440% in Chicago. $23,000 to $128,000 a year

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WhatInThe

Well-known Member
A small 10 unit apartment building property taxes increased 440% from $23,000 to $128,000 a year. The landlord now faces bankruptcy and theoretically would have to charge tenants $5,000 a month.

https://abc7chicago.com/chicago-property-taxes-tax-bill-cook-county-lincoln-park/12575946/

It's basically a family business renting out one bedroom apartments that include a lot of college students. Some neighborhoods are facing 20-46% property tax increases on average.
 

Chet said:
It might be an attempt to rid the area of undesirables and then re-purpose the properties for high rollers.
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Gentrification. And tax revenue for what ever. This is part of a county 614 million dollar tax increase.

Problem is a lot of old cities are seeing an exodus including businesses. Chicago lost several and is on the verge of losing the Chicago Bears football team. That means less tax revenue and current burden placed on remaining residents and businesses.
 

WhatInThe said:
It's basically a family business renting out one bedroom apartments that include a lot of college students.
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The article said the building's classification changed from commercial to residential which is what caused the huge tax jump, but the article also said the owners could apply to be changed back to commercial, so hopefully it will work out okay. Sure would be a shocking tax bill to get.

Note, it was not 'students' in the apartments, the article said college graduates working downtown, so that sounds to me like people with decent incomes not pitifully poor students.
 
That's just crazy! Our co-ops taxes increased by 25% (I think) for each of the last two years but 440% in one clip...just insane!
 

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