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Updated almost 4 years ago on . Most recent reply

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Jim Cellini
  • Rhode Island
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48
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Property Tax Increase Despite Property Value Decrease

Jim Cellini
  • Rhode Island
Posted

Hey just wondering if anyone had any thoughts or similar experiences:

I own a duplex in Logan Square purchased for $609,000 in August 2019. As of May 2021 it was valued at $650,000 according to zillow. My property tax assessment comes in recently and my taxes went up (yay chicago) which I kind of expected honestly, but I noticed my appraised value went down about $50,000 from the year before. I have no idea why that is, or why the zillow estimate would decrease $100k instead of 50k. Any thoughts? I'll post screenshots for comparison to help illustrate what I'm talking about. Thank you in advance!

Thanks in advance. - jim

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6,176
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
5,144
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6,176
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied

Zillow valuation means nothing at all.  The assessed value is also not in line with market value, in 2020 they lowered everyone's assessed value due to COVID but it was a moot point because they still have the same tax obligations so the tax rate was increased.  Everyone just got a very large assessment increase and I bet the tax rate will go down for 2021

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