Black and Latino homeowners are being overtaxed due to higher property tax assessments in majority-minority neighborhoods. In Cook County, a recent reassessment has seen dramatic increases in home values, with some homeowners facing more than doubled property tax bills. For instance, one homeowner's property tax jumped from $116,000 to $240,000, resulting in a monthly payment increase. Meanwhile, a study revealed that homeowners in majority-white areas do not face similar assessment increases, highlighting systemic inequities in property tax practices.
"Oh, I was stunned. I thought it was outrageous," Hayes said. It started with a staggering Cook County reassessment. Her home's value jumped from $116,000 to $240,000. Then, the tax bill more than doubled to more than $12,000 a year.
Hayes' property tax bill, which gets paid from her mortgage escrow, meant an increase to her mortgage payment. "I was paying $950 a month. And then, it went to $2,304 a month," Hayes said.
An ABC News analysis found that nationwide, homeowners in majority-minority neighborhoods are too often paying more in property taxes as a percentage of their home's total value than homeowners in majority-white neighborhoods.
The most recent assessment for the north suburbs showed only 0.2% of properties saw their assessed value double or more.
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