Multifamily in Chicago - Property Tax

[Yannes Chiang]

Hi Everyone,

I read some news regarding on the property tax increase in Chicago. How do you think the trend of the property tax for multifamily? My current property tax rate is about 2% of the assessed value. Since property tax is a fixed cost, if it keeps increasing, it will eat up a lot of our profits. This alone, kind of holding me back a little whether to invest in Chicago multifamily market. How do you think? Thank you in advance for sharing your thoughts.

[Greg Scott]

The City of Chicago and State of Illinois are both in terrible financial condition.  Locals there complain that both are increasing taxes, fees, fines, or other ways of shifting cost burden on to tax payers.  If you want to buy in Chicago, I would be prepared for higher taxes.
https://www.city-journal.org/html/chicago%E2%80%99s-debt-dereliction-15497.html