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.

Assisted Living Costs in Illinois

Assisted living helping hand

In this post, we discuss the average cost of an assisted living care facility in the State of Illinois and how this compares to other states.

The cost of assisted living will vary across the country, from state to state, city to city, and even from facility to facility within the same city.

The costs of an assisted living facility will also vary depending on the type of care and level of assistance required for each individual.

 

Genworth Cost of Care Survey

Since 2003, Genworth Financial has tracked the cost of care nationwide to help families understand long term care costs.

Social Security Retirement CoupleIt is the most comprehensive assisted living study of its kind. Genworth Financial has surveyed approximately 1/6 of all assisted living communities in the U.S and covered 440 geographic regions.

The annual Cost of Care Survey has become the foundation for many people and families long term care planning.

Related: End of Life Planning – The Essentials

The data in this article comes from the average costs for a monthly one-bedroom unit in an assisted living facility, as determined by the 2018 Genworth Cost of Care Survey. When a range was provided, the average of the high and low was used for the calculation.

 

Average Cost of Illinois Assisted Living Facilities

According to the 2015 Genworth Financial cost of care survey, the average cost of assisted living in Illinois is $4,050 per month.

The $4,050 per month average assisted living cost is based on the cost for a one-bedroom assisted living unit in the State of Illinois. Additional fees beyond the base rate may apply.

The monthly average base rate for Illinois assisted living is higher compared to neighboring Midwestern states, and also more expensive compared to the national average.

Related: How to Maximize Social Security Benefits for Surviving Spouses

 

Assisted Living Costs by State

Retired Couple on Social SecurityAlabama $3,075
Alaska $5,703
Arizona $3,420
Arkansas $3,063
California $3,750
Colorado $3,750
Connecticut $5,575
Delaware $5,745
Florida $3,150
Georgia $2,880
Hawaii $4,000
Idaho $3,240
Illinois $4,050
Indiana $3,693
Iowa $3,500
Kansas $4,188
Kentucky $3,350
Louisiana $3,010
Maine $4,800
Maryland $3,900
Massachusetts $5,300
Michigan $3,250
Minnesota $3,468
Mississippi $3,150
Missouri $2,525
Montana $3,560
Nebraska $3,628
Nevada $3,238
New Hampshire $5,103
New Jersey $5,725
New Mexico $3,500
New York $4,100
North Carolina $3,000
North Dakota $3,239
Ohio $3,890
Oklahoma $3,345
Oregon $3,880
Pennsylvania $3,555
Rhode Island $5,325
South Carolina $3,125
South Dakota $3,023
Tennessee $3,395
Texas $3,545
Utah $3,000
Vermont $4,020
Virginia $3,933
Washington $4,625
Washington D.C. $7,838
West Virginia $3,500
Wisconsin $3,980
Wyoming $3,900

Related: Senior Real Estate Tax Deferral in DuPage County

 

Base Rates

How is the base rate structured?

48% of the facilities offered a flat base rate while 52% of services have a variable rate, based on disability.

Assisted Living Cost how is base rate structured

 

Average Monthly Base Rate for a Single Room

Assisted Living Cost average monthly base rate

 

The chart below shows the average monthly base rate for a resident in an Alzheimer’s unit.

Assisted Living Cost average monthly base rate alzheimers

 

Average Monthly Base Rate for a Double Room

Assisted Living Cost average monthly base rate alzheimers 2br 3br

 

What’s Included in the Base Rate?

Assisted Living Cost services included

 

Most facilities include three meals per day in their monthly base rate.

Assisted Living Cost meals included

 

72% of facilities allow the resident to obtain additional services also to the base rate.

Assisted Living Cost additional services

 

30% of facilities require a security deposit while 22% require an entrance fee before moving in.

Assisted Living Cost security deposit

 

Total Cost: It’s important to note the full cost of service, in most cases is more than the base rate you can expect to pay for assisted living. 

Assisted Living average total cost

We hope this information can help you with your post-retirement and assisted living planning for you or your loved ones.

 

SOURCE: https://www.assistedlivingfacilities.org/resources/assisted-living-costs/

 

Resources:

Directory of Illinois Assisted Living Facilities
Department of Public Health, Division of Assisted Living
Department of Aging of Illinois
Illinois Department of Public Health

 


* 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 estate law representation, including power of attorneyliving willsprobate law services, trustswills, and more.

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

For Information Call 630-858-0090


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.


How Illinois Property Taxes are Calculated

How Illinois property taxes are calculated and their affect on home values

Illinois homeowners pay the second-highest property taxes in the nation according to real estate data company Attom Data Solutions.

Most people will tell you they think their taxes are too high, and now you have the confirmation. Only residents of New Jersey pay higher property taxes than Illinois, with Vermont, Texas, and New Hampshire not far behind.

Of course, property taxes are essential to maintaining government services such as public schools, water lines, sewers, roads, infrastructure, parks, and libraries.

It’s not out of line though to wonder if they’are worth it.

In this post, we discuss how property taxes affect your return on home ownership and how property taxes are calculated in the state of Illinois. The method of calculation may surprise you.

 

How property taxes affect homeownership returns

  • Property taxes affect home values
  • Property taxes siphon off money that would be spent building equity
  • Second-highest cost of homeownership
  • Home appreciation prices are held in check by property taxes
  • High property taxes don’t see home values rise as quickly

Your property taxes affect home values and take away money that you could potentially spend on home improvements, paying off your mortgage sooner and building equity.

Property taxes are the second-highest cost of homeownership after your mortgage. They are a key indicator of profitability for real estate investors.

Home appreciation prices are held in check by property taxes. This can be both a benefit or a hindrance. In high-tax states, home prices don’t rise as quickly during a housing boom because people have to pay for those higher values through taxes.  On the potential upside, those same markets are somewhat more protected from wild price swings.

 

How property  taxes are assessed

Most people assume that property taxes are based on the assessment of properties.

Your property tax bill actually starts with how much the county, municipality, and taxing districts (school district, park district, library district, etc.) expect to spend.

The various taxing bodies figure out their budget based on the prior year’s budget plus an annual increase. They then figure out home much money they can expect from the state, assess the current taxable value of the property in the districts, and then the county clerk figures out the tax rate.

The county clerk calculates the tax rate based on the amount that the taxing districts are allowed to receive reconciled with the assessed property value.

In other words, taxes are based on how much they expect to spend, based on what they can get.

This can be very confusing because it is the opposite of how income taxes work. With income taxes, the more you make, the more you pay. But when your property value goes down, it doesn’t mean your property taxes go down.

 

Disputing your property tax assessment

If you think you are paying too much in taxes because your own property is not worth as much as the assessor thinks it is, you need to protest the specific assessment.

You will need to provide evidence that your property is not worth as much as the assessor thinks it is. This may include property sizes, home upgrades, location, and other factors.

There is also a time limit as to when you can contest your assessment.  For example, in DuPage County, the period during which an appeal may be filed ends thirty days after the publication of the township assessment roll. This publication date varies, but in DuPage County, it is usually in October.

 

Property tax equalization rate

Most states figure property taxes based on local budgets and assessed values, which translate to a tax rate. It can’t be that easy in Illinois though.

Illinois complicates the tax calculation by applying an “equalization” factor that figures the final tax rate up or down.

According to a 2017 press release from the Illinois Department of Revenue, the department figures out the equalization rate “for each county by comparing the actual selling price of individual properties, over a three-year period, with the assessed value placed on those properties by the county assessor and adjusted by the board of review.” 

State law requires that the total equalized assessed value of all property in Illinois counties equals 33 1/3 percent of the fair market value. The press release goes on to say that “if the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legal mandated level.”

Municipalities have the right to accept or reject the equalization factor, which further complicates the issue.

When appealing your property tax bill, you must take into consideration how your own bill was assessed based on the equalization factor.

If you successfully appeal your assessment, your bill might not go down by much, or not at all, depending on how your municipality uses the equalizer.

 

Understanding this system will help you to vote and comment with an informed opinion about how the system can be improved for everyone.

 

Article Source: You know Illinois’ property taxes are sky-high. But the calculation process might surprise you. – Chicago Tribune


* 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


Illinois Has Second Highest Property Taxes in Nation

Illinois has second highest property taxes in nation

A recent study has concluded that Illinois has the second highest property taxes in the nation, second only to the state of New Jersey.

Complaining about property taxes is a common pastime in this country, but if you’re an Illinois resident, you can be assured that it’s not your imagination. Illinois has the second highest property taxes in the country.

The finding comes from an article “States with the Highest Property Taxes” from Realtor.com which used data from a survey “2018’s Property Taxes by State” conducted by WalletHub.com.

The Illinois statewide average effective tax rate is 2.32%, nearly double the national average according to Smart Asset. The average homeowner in Illinois pays $4,058 annually in property taxes. Many residents in Chicago and the surrounding counties pay more.

 

Top 10 states with the highest property taxes

New Jersey: $7,601 (2.4%)
Illinois: $4,058 (2.32%)
New Hampshire: $5,241 (2.19%)
Connecticut: $5,443 (2.02%)
Wisconsin: $3,257 (1.95%)
Texas: $2,654 (1.86%)
Nebraska: $2,506 (1.83%)
Vermont: $3,893 (1.78%)
Michigan: $2,185 (1.71%)
Rhode Island: $3,929 (1.65%)

 

Top 10 states with the lowest property taxes

Hawaii: $1,459 (0.27%)
Alabama: $550 (0.43%)
Louisiana: $750 (0.51%)
Delaware: $1,274 (0.55%)
District of Columbia: $2,811 (0.56%)
Colorado: $1,516 (0.57%)
South Carolina: $821 (0.57%)
West Virginia: $629 (0.59%)
Wyoming: $1,223 (0.61%)
Arkansas: $721 (0.63%)

 

Property tax bills Kane & DuPage CountyNew tax codes will be felt

For high property tax states such as Illinois, New Jersey, and New Hampshire, it will be getting even worse once the new tax code kicks in next year.

In the past, property taxes were a separate tax deduction you could take in full. Starting in 2018, property taxes will be part of a lump deduction along with state and local sales and income taxes that will be capped at $10,000, even for those married filing jointly.

 

The effect of high property taxes on Illinois

Property taxes are not just an afterthought when buying a home. They can cause buyers to steer clear of certain areas. Illinois is suffering from four straight years of population loss, and in 2017 it dropped from the fifth largest state to the sixth.

Related: High Property Taxes Sending Illinois Homeowners Towards a Cliff 

“I have shown buyers properties that they fell in love with, only to say a big fat no because the taxes were too high,” says real estate agent Denise Supplee at SparkRental.com. “So, property taxes do matter! And the new cap of $10,000 on property and other taxes will only make it more difficult for high-property-tax states.”

There are other factors in play when it comes to the overall cost of living other than property taxes.

Cook County Property Tax Assessments“Every state has their own mixture of taxes that they rely on to fund government services, primarily schools,” says Norton Francis, a senior research associate at the Urban-Brookings Tax Policy Center, a think tank.

States with lower property taxes may have higher income or sales taxes. Some states with higher property taxes have lower income or sales taxes. Some states rely heavily on surcharges for gasoline and cigarettes. Often times, areas with the highest property taxes also have some of the best schools.

Taxes are only one variable that people consider when it comes to buying a home or deciding where to move. One must also consider factors such as job opportunities, schools, and crime rates.

Even considering other factors though, Illinois’  second-highest property taxes in the country is likely contributing to the state’s population loss.

 


* 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


Sources:

2018’s Property Taxes by State – WalletHub
These States Have the Highest Property Taxes, but a Possible Loophole Offers Hope – Realtor
Should You Steer Clear of the States With the Highest Property Taxes? – Realtor
Best and Worst States for Property Taxes – The Balance
Illinois drops from the fifth-largest state to No. 6 – Chicago Tribune

 

Illinois State Tax Lien Registry

Illinois home with tax lien

On January 1, 2018, the new State Tax Lien Registration Act went into effect, changing how state tax liens are filed in Illinois.

The act created a single centralized Illinois State Tax Lien Registry for filing notices of tax liens.

 

What is Statewide Tax Lien Registry?

The Statewide Tax Lien Registry is an online, searchable database of Illinois tax liens filed or released by the Illinois Department of Revenue (IDOR). The registry documents all active tax liens as of January 1, 2018, and all future lien filings and releases.

Registry Website: Illinois State Tax Lien Registry

IDOR will no longer be recording its liens or releases with local county recorders.  Going forward, IDOR will maintain its own searchable Illinois State Tax Lien Registry and you can no longer search for liens through your county.

 

Illinois State Tax Lien Registry Video

 

How to know if a tax lien has been filed?

Anyone can search the Illinois State Tax Lien Registry. The registry is the only location available to search liens filed by the Illinois Department of Revenue. You will no longer be able to inquire through each individual county.

 

How to access the Illinois Tax Lien Registry?

You can access the registry through the “Lien Registry” link under the “Quick Links” section on the Illinois Department of Revenue website at tax.illinois.gov, or visit this direct link.

 

How do I find a tax lien?

When you are at the Statewide Tax Lien Registry, you can search for a tax lien using multiple forms of search criteria including:

  • Lien ID
  • FEIN
  • Business name
  • Lien filed or released date
  • Taxpayer first and last name
  • Street address
  • Combination of above

Seal of IllinoisSearch results are dependent on how the taxpayer is registered with the department. A general search or using a partial name could provide multiple results.

Search results will appear as a list of liens at the bottom of the screen. If no tax lien appears in the list area, you may want to modify search criteria to assure you have the correct information.

The results row will identify specific information about the lien, such as the date filed and the date released if applicable. For more information on a specific lien, click on the blue “Lien ID” hyperlink. The lien detail will now be visible.

Any questions about the status or the validity of the tax lien must be addressed by the taxpayer. The taxpayer is the only person who may contact the department about the lien. Call by phone at 217-785-5299.

 

Due diligence recommended

Because this tax lien system is new, property owners with existing tax liens before January 1, 2018, should perform due diligence that includes searching both the Illinois State Tax Lien Registry and your county recorder office to ensure all relevant state tax lien information is discovered.

 

Vist the Illinois Statewide Tax Lien Registry

 


* 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 buying and sellingshort salesmortgage foreclosure defense and more.

For Information Call 630-858-0090