8 hours ago Wealthy real estate investors may feel Biden’s tax bite. The White House is developing a proposal to raise the capital gains tax on real estate to 39.6 percent from 20.0 percent for individuals making more than $1 million a year.
3 hours ago Real estate taxes for 2020 are expected to rise when the second installment of the bill comes due in August 2021. However, predicting a hefty property tax increase this year really centers on two wild cards – the tax rate and the state equalization factor, which can’t be challenged by taxpayers.
8 hours ago Real estate taxes for 2020 are expected to rise when the second installment of the bill comes due in August 2021. However, predicting a hefty property tax increase this year really centers on two wild cards – the tax rate and the state equalization factor, which can’t be challenged by taxpayers.
6 hours ago By Don DeBat. 30-Sep-17 – “Buy on the fringe and wait,” advised the legendary late Chicago real estate mogul Arthur Rubloff in the 1960s.. For decades, the mantra for North Side Chicago real estate investors has always been “go west from Lake Michigan” – along North Avenue, Belmont Avenue, Addison Street, or Irving Park Road – to find a deal beyond the fringe.
3 hours ago Real estate tax relief. Why not bring back the seven percent property tax assessment cap? Originally proposed in 2004 by former Cook County Assessor James Houlihan (right), and enacted by the Illinois Legislature, the cap was designed to shield local property owners from excessive tax assessments by increases in the homestead exemption. Unfortunately, the cap was phased out in 2008 when
3 hours ago The owner paid a 2019 real estate tax bill of $21,701 on the property. The first installment 2020 tax bill, representing 55 percent of last year’s bill, is $11,935. Mayor Lori Lightfoot’s 2021 pandemic budget will include a $93.9 million property tax hike as part of a $1.6 billion real estate tax levy. About $34 million of the real estate
7 hours ago As the economy recovers from the Great Recession, real estate values in Chicago and Cook County have grown substantially in market value. “So, naturally assessed value has increased,” Shaer said. Assessed value is the partial property market value amount on which taxes are computed when applying local tax rates and the equalizer , which is
6 hours ago The sales data cited by the Compass survey was collected by Midwest Real Estate Data, LLC, the regional multiple listing service. Sales of detached homes were down but median price was up Sales of detached single-family homes delivered positive results in the final quarter of 2019, rising 3.8 percent to 189 units, but for the full year sales
3 hours ago Read the real estate listing: “Retro-Victorian or modern architecture, 10-foot tall ceilings, two or three fireplaces, butler’s pantry, wine cellar, giant ‘open-concept’ granite and stainless steel kitchen with adjoining family room. A big deck with bridge to a second garage deck for entertaining.” But how much house do you really need?
3 hours ago By Don DeBat. 1-Sep-19 – With the battering ram of real estate tax increases hammering away at Chicago apartment owners this year, experts are wondering how much longer “Ma and Pa” landlords can compete with downtown luxury rental developments and stay in business.. Skyrocketing tax assessments on homes, condominiums, and small apartment buildings in 2018 led to dramatic increases in
2 hours ago The Tax Cuts and Jobs Act of 2017 (TCJA) slapped a $10,000 maximum deduction cap on state and local taxes, including real estate taxes. So, if you owned a luxury home with a $20,000 real estate tax bill, the maximum tax deduction you could take for it is $10,000. “Realtors say loss of the perk for a home seller or buyer to deduct the full
6 hours ago 23-Nov-19 – While resale home prices in Chicago continued to inch higher in October, buyers and sellers are worrying about the elephant in the room, rising real estate taxes. “Property tax assessment values overall are nearing – and in some cases surpassing – market values,” warned Realtor W. Walker Robison, Jr. (left), partner with
4 hours ago By Don DeBat. 5-Apr-20 – While real estate is still listed as an “essential service” just like grocery and liquor stores, the worldwide coronavirus pandemic nearly has shut down the housing market in Chicago.. The Illinois Department of Commerce and Economic Opportunity has issued the following regulatory edicts: Open houses are not permitted.
5 hours ago The real estate tax hike also includes $34 million linked to a rise in the consumer price index. However, the ordinance additionally requires property owners to be doomed to either an annual property tax increase of five percent or an increase based on the consumer price index, whichever is less.
3 hours ago By Don DeBat. 15-Dec-19 – Struggling to stay ahead of Chicago’s ever-increasing real estate tax bite, more and more landlords are turning to non-refundable rental fees and other monthly surcharges to boost cash flow.. Experts say apartment renters who reside in Chicago’s upscale lakefront neighborhoods should expect spring 2020 rent increases to reflect this trend.
3 hours ago The real estate also should be confiscated. Surely drones can be used to track what buildings shooters are entering and exiting. • Target gun trafficking. Launch a federal crackdown on suburban gun shops and those in nearby states that are selling thousands of …
3 hours ago By Don DeBat. 8-Oct-19 – The sound of silence is all that can be heard in much of the city’s early autumn home-buying market. Veteran residential brokers call it a “cricket’s market.” An informal survey by The Home Front of several top city real estate brokers in downtown and North Side neighborhoods revealed that late September and early October open houses vastly went unattended by
3 hours ago For example, if the buyer of a $100,000 tiny house placed a 20 percent down payment and obtained a 30-year fixed-rate mortgage at 4.5 percent, the monthly payment for principal, interest, real estate taxes, and insurance would only be $540 a month.
5 hours ago “Despite the inventory headwinds, January’s results were exceptional from a historical perspective,” noted Nathan, a North Side residential real estate broker since 2000. “The median sales price was the highest ever recorded for Chicago in January, while the sales total was the largest – and average market time the lowest – since
7 hours ago In Chicago, the biggest cloud hanging over the lakefront and downtown apartment rental market is the forecast of hefty real estate tax hikes. In 2018, former Cook County Assessor Joseph Berrios raised the estimated fair market value of some properties from 30 percent to more than 140 percent in North Side and Northwest Side neighborhoods. Experts say Fritz Kaegi, the newly elected assessor
3 hours ago Documents necessary for a real estate buyer to review before committing to a purchase include the declaration – or covenants, conditions and restrictions – bylaws, house rules, regulations, board meeting minutes, state mandated disclosures, prior and current year budgets, and the reserve study. “Doc fees can range from $50 to $250 per
3 hours ago 19-Jan-12 – Except for a large chunk of real estate in the northeast corner, the 42nd Ward emerged mostly unscathed in Thursday’s redistricting of Chicago’s 50 wards. The city council voted 41 to 8 to approve a new ward map. In the deep south of the 42nd ward, Alderman Brendan Reilly, who voted in favor of the new boundaries, picks up a few blocks here, loses a few blocks there.
3 hours ago By Don DeBat. 13-Sep-20 – The Windy City’s real estate market in the summer of 2020 was hit by the COVID-19 pandemic, protests, marches for black lives, riots, and looting from Michigan Avenue to the suburbs. Despite the turbulent season, Chicago’s August existing-home sales skyrocketed to a strong 3,154 properties closed – the highest level for the year and up five percent over the
7 hours ago “While about a half dozen of the buildings are large high-rises, the lion’s share of the projects in our survey are boutique condo developments with 20 to 40 units,” noted Sara Benson (left), president of Association Evaluation, LLC, a Chicago-based real estate data analysis firm. “The West Loop and River North are especially hot, with 14 projects underway or planned in these new
Real estate is generally a great investment option. It can generate ongoing passive income and can be a good long-term investment if the value increases over time.
Real estate is often a referral-based business. Those who are involved in the business longer typically are the most successful. Those with 16 years or more experience earned the highest real estate income: approximately $78,850 on average.
Dallas tops the list of real-estate markets over the period studied, exhibiting strong price appreciation, while remaining a market in which investors saw strong rents relative to property values.
Manhattan real estate is the most expensive in the US per square foot with some properties topping $10,000: Study. Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.