Kane County & DuPage County 2016 Property Tax Bills Are Available

Property tax bills Kane & DuPage County

The 2016 property tax bills for DuPage County and Kane County have been mailed to all property owners in these counties.

You should have received or should very soon be receiving your property tax bills.

Property tax due dates

DuPage County & Kane County

First installment – June 1, 2017

Second installment – September 1, 2017

Check your property tax status online

DuPage County – Check Property Tax Status

Kane County – Check Property Tax Status

What if I did not receive my property tax bill?

If you did not receive your property tax bill, this does not mean that you don’t owe taxes. You are still responsible for taxes owed and must pay your property taxes by the above-stated installment dates.

You can get your property tax bill online or call the county Treasurer’s office.

Dupage County Treasurer – Phone: 630-407-6500 – Website

Kane County Treasurer – Phone: 630-232-3565 – Website

* 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 mortgage foreclosure defense, buying and selling, short sales, and more.

For Information Call 630-858-0090

Taxes ahead sign by 401(K) 2012

Low Inventory for Midpriced Suburban Chicago Homes Driving Up Prices

In a positive development for existing homeowners in suburban Chicagoland, low inventory for midpriced homes is driving up home prices.

According to the Chicago Association of Realtors, ten Chicago suburbs this March have less than two months of inventory available on the market.

A rule of thumb in real estate is that five to seven months of housing inventory is considered a balanced market, but less than five months of available inventory means a housing shortage that shifts the advantage to sellers.

“Illinois continues to see sustained growth in sales and median prices, indicating the market is poised for a strong rollout for the spring selling season,” said Mike Drews, president of Illinois Realtors.

Suburban Chicago Cities with Lowest Inventory

Cicero
Carol Stream
Buffalo Grove
Romeoville
Hanover Park
Berwyn
Morton Grove
Prospect Heights
Schaumburg
Mount Prospect

At this same time last year, each of these suburbs had four or more months of inventory.

Unfortunately for homeowners in the most expensive markets, they are seeing the opposite problem. There is too much inventory in Hinsdale, Highland Park, Barrington and Lake Forest, with 8-12 months of inventory.

What is driving the shortage

On the buying side, younger and first time home owners are snatching up midpriced homes quickly because of the inventory shortage, and also because interest rates are expected to continue rising.

On the selling side, there are still homeowners in these markets that hesitate to list their homes because in many cases prices have still not returned to pre-recession prices they paid.

The mild winter also had home buyers out earlier than usual this year. According to Catherine Terpstra, president of Mainstreet Organization of Realtors, “People were out buying homes earlier than they would have in a more difficult winter.”

The low inventory is definitely helping sellers in cities with low inventory. The market has still not returned to the pre-housing bubble buying frenzy, though, and seems unlikely to anytime soon.

Midpriced suburbs’ market tightens – Crain’s Chicago Business

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

For Information Call 630-858-0090

DuPage Homeownership Center is Now H.O.M.E DuPage

New logo for HOME DuPage – formerly DHOC

Do you remember when DHOC had a secret?

The DuPage Homeownership Center (DHOC) was promoting a “big reveal” of their secret on February 8, 2017.

The “secret” has been revealed and it is a new name and new look for the organization.

H.O.M.E. DuPage

Formerly known as The DuPage Homeownership Center, it will now be doing business as H.O.M.E DuPage, Inc. effective February 9, 2017.

Why H.O.M.E. DuPage? Simply stated, DHOC needed something that reflects what they do best and sets them apart from those who might have similar services, but not exactly.

Therefore the new name reflects these service points: Home. Ownership. Money. Education. DuPage

The creation of a new identity has been a year in the making. During this time, a task force of members of the Board of Directors and the Advancement Committee have been working to roll out this new change.

The goal is to increase visibility in the community with an identity that more effectively states who they are and what they do.

Please update your records as of February 9, 2017 – DHOC goes H.O.M.E.!

Related H.O.M.E. DuPage Information:

H.O.M.E. DuPage Inc. Website

Financial Fitness Program

Financial Fitness Coaching

Upcoming Classes & Workshops

* 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.

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