Daley proposes overhaul of property tax system
CITY HALL Mayor says assessments skewed by fraud
February 8, 2008
BY FRAN SPIELMAN City Hall Reporter/fspielman@suntimes.com
Three months after pushing through the largest property tax increase in Chicago history, Mayor Daley tried Thursday to get back on the good side of homeowners.
The mayor unveiled a five-part plan to reform a property tax assessment system that, he has long complained, is so unfair and unpredictable, it needs to be “blown up.”
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“If you look at the whole mortgage foreclosure crisis, much of it is fraudulent appraisals. You’ve loaned money. It was worth $200,000. Now, the home is worth $500,000 and the banks can get their money back. … Fraud is skewing the comparables” used to make assessments, Daley said.
HOLY F-! This crazy wack just said that houses that claim to be worth $500,000 are really only worth $200,000!! That is it. Game Over.
6 comments:
Game over...yet, I still can't buy a house.
Ya me too.
The game might be over, but we might have to wait untill someone pulls the electric cord out of the wall...
game over......
i sure hope not.
the game is much bigger than all of us and it's distruction would surly challenge our existance.
i am more prepared than most and "game over" would be quite a test.
aw fuck it.....game over....game on, BITCH !
Go to http://cribchatter.com and look at the place at 345 N. LaSalle that sold for $600K in 2005 and then was foreclosed. It was then offered by the bank at $299K. No takers.
It is now offered at $259K for a 1200 sq ft 2 bed 2 bath, in a downtown Chicago highrise, a corner unit with a big bay.
We are talking a price cut of nearly 60% here!
Glossy new highrises downtown are coming back onto the market by the dozens, while hundreds of units are being rented out. In no case do the places cash-flow at the prices asked- rents commanded are about half what they need to be for the units to cash-flow at prices asked.
If such a place is hardly worth $259K in today's market, what's a 2 bed 1 bath rehab, 1200 sq ft, worth in Rogers Park, or Edgewater, or even Lakeview?
This is the biggest financial bloodbath in world history.
I'm all over Crib Chatter. Good blog. Lots of dedicated work there. I added it to my links on the right side.
Hm...how much did Mayor Daley pay for his luxury townhouse? Or did Walsh construction build it for free then pass on the cost to someone else???? Makes me wonder....
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