One year ago in these pages, we released research that homeowners in Cook County were experiencing the greatest volatility in property taxes — both in rates of increase and higher tax bills — that had ever been seen. This is likely not news to many, but it was a significant development for our local economy.
Unexpected increases in property taxes don’t just create financial stress for households. If taxes are escrowed in a mortgage, they threaten the ability to pay the mortgage and thus put homeownership at risk.