Monday, January 30, 2017

Property Values in DuPage and Across The Suburbs Dropping, Forcing Pressure On Higher Property Taxes

Top 10 Communities that lost the most in home values since 2007 via DuPage Policy Journal

Over at the DuPage Policy Journal, the Local Government Information Services (which publishes dozens of local news outlets across the State of Illinois), is out with an important read for every taxpayer and homeowner in DuPage County.

For those keeping track at home, that means that Bobby McNeily, who is running for Wheaton City Council in the West District, can pass reading this.  Why?  Because he doesn't pay any property taxes.
But the rest of you, if you aren't already, this should make you pay attention:
Homeowner equity in DuPage County is eroding quickly as property taxes soar, driven by surging local government spending and massive municipal debts. Every DuPage County community, including its most-affluent enclaves, saw home values plummet over the past decade. 
...How much will DuPage County homeowners take before homeownership here is no longer affordable? 
Assuming a decline at the same pace as the past eight years, LGIS analysis projected median home values by DuPage community in 2023. 
If trends hold up, a Hinsdale home worth $939,000 in 2007 will be worth $684,988 in 2023. And its homeowner will have paid $242,525 in property taxes for the privilege of having their name on the title for a sixteen year period.
We've pasted the top 10 losers since 2007 that tops out with Willowbrook homeowners losing - on average - almost 50% of their home values.

The results of these depressed home values?  Higher property taxes to feed the beast that is local government and the empire building that is taking place in schools across the collar counties.

When we go to the polling place this year, let's all remember these facts and begin to ask questions about school board members and local elected officials about what cuts they're planning to make to our local governments.

And the biggest questions have to be about the plan on pensions at the municipal level.   If you come across a candidate who is asking questions and talking about pensions and the problems at the local level (teachers, firemen, police, municipal works), you should pay attention.  That's somebody who is working on the tough issues and likely warrants your support.

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