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Cook County Residents Forced from Their Homes

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Chicago-area politicians have given their constituents something special this year, a major property tax increase. In a state already near the top for income taxes, residents of Chicago and Cook County are facing property tax bills that have skyrocketed.

In the face of property tax bills that have even climbed by 60%, some residents are being forced by the bills to move out of the area. Dana Kozlov reports for CBS:

Property tax increases in Cook County are going beyond sticker shock. For some families it’s life-changing, and they say they will have no choice but to move.

“This is out of control,” said Liz Gold.

She and her family have lived in their 1890s rehabbed home in Ravenswood since 2001. They had hoped to stay until they were hit with their recent Cook County property tax bill that may force them out.

“Overall for the year it increased by 60%,” she said. “We are now paying almost $21,000 — $20,200.”

She said they had been paying $12,000.

Gold said the extra $800 a month they need to find to pay their new yearly bill erased any college money they had hoped to save for their youngest son.

“I’m not getting a $10,000 a year raise. My husband won’t be getting a $10,000 a year raise. I don’t know how we’re going to make that happen,” she said. “It’s not feasible for us to absorb that cost.”…

“I just don’t understand how there’s not some sort of ceiling on this or a cap of some sort,” said Gold. “If we could plan for it, it would be different.”

Now Gold is planning to leave.

“We probably will end up moving from Chicago,” she said.

Read more here.

For many Americans, especially those who are retired, property tax increases can make or break a budget. If you’re retired, you’ve paid off your mortgage, and you’re on a fixed income, one of the most volatile expenses you have may be your property taxes. Big jumps in your assessment, or hiked rates can cripple a budget you’ve worked so hard to control.

Illinois is replete with problems, as I have written:

Poor tax policy is driving resident from Chicago, and Illinois in general. If you’re retired or are retiring soon, it’s important to examine where you choose to retire, and make sure that it’s the right place for you.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.