The Chicago Association of REALTORS®, the “Voice for Real Estate” in Chicago since 1883, represents over 17,000 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions and residential sales.
Our GADs took to Facebook Live to discuss the city and county’s 2021 budget proposals, including items of focus for REALTORS® and the real estate industry. What should you know about the budget proposals? Watch the videos below and find out more about issues of importance.
The City’s Budget
Mayor Lightfoot is proposing a $94 million property tax increase. This means a home worth $250,000 will see a $56 increase, and a home worth $500,000 will see an increase of $120. However, the city did not release numbers on what the increase will be for commercial real estate. Your GADs will continue to reach out for more details on the commercial side.
In regards to homelessness, the 2021 budget has a line item for $10 million dedicated to addressing housing and homelessness in the city.
If you have any questions or comments in regard to the city’s budget, please reach out to our GAD Kristopher Anderson.
The County’s Budget
Cook County is proposing a budget of $6.9 billion for 2021. This does not include a property tax increase.
Our GADs encourage you to watch out for building and zoning compliance to avoid unexpected fees. The county may be looking to increase those fees. Also, the Recorder of Deeds office will cease operations in December and merge into the Clerks Office, which may cause delays from title companies or other issues.
If you have any questions or comments in regard to the city’s budget, please reach out to our GAD Adriann Murawski.