Nov 1, 2009 7:11 pm US/Central
Some Property Tax Bills Rise, Others Drop
CHICAGO (CBS) ―
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A Franklin Park resident is frustrated because his property tax bill is up $700 over last year.
CBS
It's a taxing weekend for Cook County home owners. In tough economic times, many are coping with confusing double digit property tax increases. But believe it or not, some are actually seeing their taxes drop. CBS 2's Vince Gerasole went looking for a reason why.
For example, Skokie in northern Cook County will see a median increase of 13 percent, in part because of the phase-out of the state cap on property tax increases.
But Chicago Heights to the south will see median bills drop by 3.1 percent because the phase-out hasn't reached that part of the county yet, but it's coming.
Just two of the quirks that make understanding our priority tax bills so difficult.
Read it and weep. Don Mozino's just learned his property tax bill is up $700 over last year.
"We're here busting our butts basically to pay our bills, and the taxes keep going up and up," said Mozino.
Mozino lives in middle class Franklin Park, where the median tax bill is soaring skyward some 20 percent. That's in spite of sale prices dropping by nearly $150,000 over the past year, and the number of foreclosed homes rising.
"The taxes are going up and the value of the property is going down. It just don't make sense," said Franklin Park homeowner George Cazumera.
"It's a mystery because Cook County plays by their own rules," said Real Estate Attorney Mark Edison.
Edison says with so many residents, Cook County holds off on sending out its second installment bills which include the tax hikes.
It spends the time calculating tax rates and other factors that differ from community to community. If a municipality needs more money, the tax formula is adjusted.
"That's pretty much a reflection of where our economy is and the need for these tax dollars," Edison said.
It's how those living in expensive Lincoln Park homes are seeing a median rise of just 3 percent, while Franklin Park's rise is six times that.
"We're assessed lower, but taxes are up," said a Franklin Park resident.
Homes in Franklin Park were assessed lower recently, but the current bill is based on assessed values from January 2008, which is well before the real estate bubble burst.
The deadline for appeals passed long before the bills arrived, which means homeowners like Mozino must now scramble to pay their higher taxes by the December 1st due date.
When looking at his tax bill, Mozino says all he can think of is "money, money, money."
Some homeowners are in for a double whammy. If you pay your taxes with your mortgage in an escrow account, you may see your monthly payment rise so your bank can build up enough funds to pay your tax bills in the future.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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