Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

 - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Is Tax Code Uncertainty Affecting the Illinois Real Estate Market?

Home For Sale

In this post, we discuss theories offered by real estate agents as to why homes in Illinois are taking longer to sell in 2019 than last year. 

Homes in Illinois are taking longer to sell in 2019. Some real estate agents are offering possible reasons as to why this is.

 

Why are Illinois homes taking longer to sell?

Some real estate agents have a theory as to why it’s taken longer for homes to sell over the winter and spring.

Many agenst are saying the real estate slowdown is a response to buyer uncertainty about how recent tax code changes will affect what people can afford.

“There were huge changes, and people aren’t sure what it means for them until they file this year,” said Greer Haseman, an @properties agent based out of Oak Park, Illinois.

The slowdown has been noticable in Oak Park. In the first months of 2018, Oak Park homse sold in 92 days on average. In the same months of 2019 that average has jumped to 120 days.

Buyers “don’t want to plan what to spend until they know all the implications (of the revisions) on their family’s finances,” Haseman said.

 

Uncertainty is slowing the Illinois real estate market

Open House signThis question over tax code changes has added another uncertainty to the housing market in the Chicagoland region.

Another major factor is property taxes. Illinois already has the second highest property taxes in the nation. With the state economy facing serious debt and cities and counties facing budget shortfalls, fears about increased property taxes are definitely a concern.

Many economists are also concerned about the possibility of another recession. Some are projecting it could happen and that is probably keeping some buyers on the sidelines.

The uncertainty over how the new tax code will alter home budgets, “is limited to this winter,” said Jordan Chalmers, a Baird & Warner agent based out of Lincoln Park. “But it’s uncertainty, and any market dislikes uncertainty.”

 

The people most unlikely to hold off on buying a new home because of market uncertainty are upper income buyers. They are the most likely buyers to be impacted by the recent $10,000 limit on state and local taxes that can be claimed for a deduction.

 

Affects of uncertaintly not the same in all areas

Home for saleIn Lake County, Will County, and the city of Chicago, the average time a home is on the market has been longer in the first two months of 2019 than during the same period in 2018.

Only in DuPage County has the average time on market actually been shorter than last year.

The increases in market times may not always be huge, but the housing market in the Chicago area has not been as strong in other parts of the country. There is less room in this delicate market than in other places, and any swing in sale times or prices is felt more strongly here.

Recent increases in the number of homes for sale in some areas have left less-competitive houses to remain on the market longer.

Nobody likes to blame the weather but a long, tough winter definitely didn’t help things either.

Hopefully anyone who was waiting for better weather will start their house hunting soon.

 

Law Offices of Lora Matthews Fausett, P.C.

If you require a real estate attorney in Naperville to represent you with any issues related to buying a home or property there, the Law Offices of Lora Matthews Fausett, P.C. are well trained to handle matters relating to buying and selling, short salescommercial leases, as well as foreclosure defense and many others.

 

For Information Call 630-858-0090


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


Cook County 2018 Property Tax Bills Are Online Now

The first installment of your 2018 Cook County property tax bill is now available online.

Cook County SealThis is the earliest the bills have been made available for payment and give property owners the ability to pay property taxes before the end of this year.

There has been a high number of requests from property owners and tax advisors for earlier tax bills and payments.

You are urged to consult with a tax professional about possible tax deductions if you pay before the end of the year.

 

Pay Your Cook County Property Taxes Online

The first installment property tax bill has been posted at cookcountytreasurer.com.

You can find your tax bill at https://cookcountytreasurer.com/setsearchparameters.aspx by using your address or 14-digit property index number.

  • Make a payment (payments are now accepted on the March 1, 2019, tax bill)
  • See if a refund is available
  • Download a copy of your tax bill
  • Sign up to receive tax bills by email
  • Find out if your delinquent taxes have been sold

First installment taxes for the 2018 tax year are 55 percent of the prior year’s total tax.

 

Cook County Property Tax Due Date – First Installment

The tax year 2018 first installment due date is Friday, March 1, 2019

 

Illinois home with tax lien

Receive Your Tax Bill by Email

Enroll in eBilling and your next tax bill will be delivered via email.

  • The bills are sent by administrator@cookcountytreasurer.com. Add that email to your address book or change your spam filters to ensure delivery.
  • The paper bill will stop coming to your mailbox.
  • If you change your email address, you must update your account with your new address.
  • If wish to return to paper billing, log into your account and unsubscribe.
  • For more information, visit Research a Topic section.

 

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Cook County Senior Property Tax Exemption and Freeze Application Deadline Extended

Senior Tax Exemption for Chicago Bungalow

Senior Exemption Application Deadline Extended

If you have not applied for your Cook County Senior Property Tax Exemption or Property Tax Freeze Application, there is still time.

The deadline for senior homeowners in Cook County to apply for the senior property tax exemption and senior property tax freeze has been extended to Friday, March 2.

Cook County Assessor Joseph Berrios has extended the deadline past the original deadline, previously Friday, March 2.

If you know someone who may be eligible, please let them know. Thousands of eligible homeowners have not renewed their exemptions.

Related post: Real Estate Tax Exemptions Cook County Chicago

 

According to Assessor Joseph Berrios:

Property tax bills Kane & DuPage County“I extended the deadline so all seniors have extra time to return their applications to ensure they receive the expanded exemption savings this year.

It is also important to remember that under Illinois law, seniors are required to reapply annually for both the Senior and Senior Freeze Exemptions.”

Related post: Cook County Assessor Faces Controversy Over Widespread Inequities

 

Many qualifying seniors have not renewed

The assessor’s office said over 270,000 applications were mailed in early January to seniors who received the exemption last year.

Approximately 80,000 seniors who received that notice have not yet renewed their exemptions.

 

Senior Property Tax Freeze Exemption Qualifications

Cook County SealTo qualify for the Senior Freeze Exemption for Tax Year 2017, taxpayers must have:

  • been born prior to or in the year 1952,
  • a total household income of $65,000 or less for [income] Tax Year 2016,
  • owned the property or had a legal, equitable or leasehold interest in the property on January 1, 2016 and January 1, 2017,
  • used the property as a principal place of residence as of January 1, 2016 and January 1, 2017, and
  • been responsible for the payment of 2016 and 2017 property taxes.

 

Download forms

Senior Citizen Property Tax Exemption  Application (PDF)

Senior Property Freeze Exemption Application (PDF)

 

For more information, visit http://www.cookcountyassessor.com/ or call the Assessor’s office at 312-443-7550.

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


 

Photo credit: “Chicago bungalow” photo licensed under the Creative Commons Attribution-Share Alike 2.5 Generic license.

Cook County Overdue Tax Bills to Be Sold April 3

Cook County Seal

On April 3, 2017, overdue Cook County property tax bills will be sold at auction.

If your property tax bill payments are up to date, you have nothing to worry about.

If your Cook County property tax bill is delinquent, your unpaid tax bill can be sold at auction starting April 3rd. A buyer can purchase your unpaid property tax bill and you would owe them the tax money plus interest.

How to check your Cook County property tax status

If you want to check the status of you Cook County property taxes, you can visit the Cook County Treasurer’s Office website and search by Property Index Number (PIN) or search by address.

The Cook County Treasurer’s office also offers an informational brochure about how to avoid the April 3 property tax sale. (PDF)

Local organizations have conducted a push to inform property owners about the tax sale. “Reach out. Find out who it is in the community who owes this money,” said Cook County Treasurer Maria Pappas.

Cook County property tax grace period shortened

There has been some confusion in regards to the tax auction caused by the property tax grace period being cut from 12 months to 8 months. Some homeowners may not realize their tax bills are now subject to auction.

What to do if your name is on the list?

If your property is on the list, it is recommended that you immediately call an attorney in real estate law.

Two Cook County organizations are offering assistance to anyone who has legal questions:

WESTSIDE JUSTICE CENTER:
Phone: 773-940-2213
Website: http://westsidejusticecenter.com/

COOK COUNTY BAR ASSOCIATION:
Phone: 312-630-1157
Website: http://cookcountybar.org/


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


The Law Offices of Lora Fausett P.C. provide real estate law attorney services including mortgage foreclosure defense litigationshort sales and deeds in lieuloan modifications and workouts, and buying & selling assistance.

For Information Call 630-858-0090



High Property Taxes Sending Illinois Homeowners Towards a Cliff

Edge of Cliff

High property taxes in Illinois are hurting home values and pushing “Illinois toward a financial cliff” according to the The DuPage Policy Journal and Wirepoints.com writer Mark Glennon.

“I think we’re at the point where consumers are going to start concluding that buying real estate in Illinois, particularly homes, is not a safe bet because prices are, at best, flat if not going down.” – Mark Glennon, writer at wirepoints.com

DuPage County

In DuPage County, every single community has seen a drop in its home values, even cities with strong demand such as Naperville and Glen Ellyn.

They saw their home sale prices drop by an average of 19%. Homeowners in the hardest hit areas included Willowbrook, which saw a 48% decrease.

“A tipping point is at hand in Illinois,” wrote Glennon. “Potential homebuyers conclude they’ll never cash out whole because of increasing taxes and declining values.”

The causes

Homeowners are seeing excessive property taxes, increased costs, and stagnating wages.

Because of this, many are choosing to leave the Illinois, and in 2016 Illinois lost more residents than any other state. It has now had negative migration for three years straight and the numbers keep increasing.

“When you have a big state like Illinois, to lose population for three years in a row? That’s cause for alarm,” said William Frey of the Brookings Institute.

A study by Pew Charitable Trusts showed that since 2007, the average rate of personal income growth for Illinois residents is less than one percent. That makes it the worst income growth state in the Midwest and the 2nd lowest in the nation.

At the same time housing prices are decreasing and wages are stagnant, Illinois has the highest property taxes in the nation.

As crazy as it may sound, some have even said that Illinois is in danger of losing its position as the business capital of the Midwest.

It’s time for Illinois lawmakers to take action.


The Law Offices of Lora Fausett P.C. provide real estate law attorney services including short sales and deeds in lieuloan modifications and workouts, and buying & selling assistance.

For Information Call 630-858-0090


Sources:

Dropping home values, high property taxes push Illinois toward financial cliff – DuPage Policy Journal

Home Values Plummet Across DuPage County – Downers Grove Patch

Property taxes rapidly eroding DuPage home values – DuPage Policy Journal

Illinois’ property taxes highest in nation, study finds – Chicago Tribune

Illinoisans experiencing second-worst income growth in the nation – Illinoisnews.org

High property taxes a multilayered problem in Illinois – DuPage Policy Journal

Illinois loses more residents in 2016 than any other state – Chicago Tribune


* Advertising Material: To the extent that the information in this e-mail is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.