Quote:
Originally Posted by left of center
This is baked into the system. A lot of lawmakers, both local and in Springfield, have very close ties to property tax attorneys. Hell, Madigan is one. When the ones who make the rules profit from a dysfunctional system, it stays in place.
This whole method is very economically inefficient. It would make a lot more sense for the county to not have to have such large jumps in AV, and rather have much small increases for all properties annually. Small increases means much fewer appeals, which cost the county and state money to review. The county/state/municipality would still pull in roughly the same amount of property tax funds (as most small increases would go un-appealed) and property owners would not need to spend 25-40% of the "tax savings" on these attorneys that really do not provide a benefit to society, unless you count campaign contributions.
|
Why does there need to be a small increase annually? Why not just base property taxes off the assessed value, assuming it's accurate (big assumption).
I obviously can't speak for every property owner, but I sold my home for the exact same amount I paid for it 7.5 years earlier. The assessed value of my house didn't really change much in the time I owned it, yet my tax bill nearly doubled.