You might be thinking that you’ll be able to lower the property tax bill on a home you’re planning to buy in, say, Naperville based on the fact that you’re buying the home for 30% less than it sold for 4 years ago. Think again.
According to this Daily Herald article, the average tax rate for DuPage County’s 372 taxing bodies (schools, municipalities, park districts, etc.) increased by 11.6% as a result of increased spending.
The increased spending will translate to a 5.7% increase on the average real estate tax bill, despite the fact that the total value of DuPage properties decreased by 5.9% – the first drop in 40 years.
If you’re buying a home in DuPage, budget an increase in your property taxes, and hope that yours comes in lower than the average.