Articles Tagged with property taxes

andreas-weiland-252613-copy-300x200An economy that relies on the realty market must take an interest in property taxes. Chicago realty law is often dominated by concerns about taxation. That is what is happening in Chicago today. From a legal point of view, the legislation that has been passed and that which is due to be passed is meant to streamline the process of conveyancing. At the same time, these reforms are also meant to ensure that the taxman gets a cut of the largesse. It is not so much a case of the tax increases but the reforms in the procedures. This procedural fairness also incorporates any possible consultations prior to confirming the tax rates as well as the forms that are required.

For most members of the Chicago public, the issue is fariness. Some argue that the increments are just too high. On average, Chicago increases its property taxes on an annual basis. The year 2016 was an anomaly because the legislative reforms meant that some people experienced property tax rises in the region of 32%, a clearly unfair increase by all standards. Some legal experts argued that even if the legislature was determined to increase that amount of money, they ought to have staggered it in order to minimize the immediate impact on property owners and those that transact realty.

Structuring Tax Increments