The average Chicago Property Taxes increasing by 10% this year this year following City Hall and Chicago Public Schools tax hikes to pay for police, fire and teacher pensions, according to calculations released Tuesday by the Cook County clerk’s office.
As a result, the owner of a city home determined to be worth $224,500 will pay nearly $4,000 in property taxes this year — an increase of about $363.
Read the rest of the article directly on the Chicago Tribune website:http://trib.in/2uS39qD
On December 2nd, 2014, the Chicago City Council passed an ordinance that will raise the minimum wage for Chicago workers to $13 per hour by 2019.
Here is the chart of the currently planned wage increases.
https://www.cityofchicago.org/city/en/depts/mayor/supp_info/minimum-wage.html
About 200 new laws took effect on Jan. 1, 2017, in Illinois.
Here is an article from Patch.com that briefly talks about 25 of those laws: http://bit.ly/2kS0ye2
In 2016, lawmakers in 31 states and Puerto Rico have introduced legislation regarding foreclosures. Ten bills and resolutions have been enacted or adopted thus far. The list below contains legislation regarding regulating foreclosure consultants and distressed property purchasers, amending the foreclosure process to address concerns regarding so-called robo-signing and protecting tenants’ rights who are renting homes facing foreclosure.
Here is the link to the rest of the article which lists each state and the legislation they passed: http://bit.ly/2iiKldP
Two Illinois statutes govern the handling of tenant’s security deposits by landlords:
Starting in 2017 all condo associations in Chicago must have recycling services at their building. The Chicago Department of Streets and Sanitation (DSS) will handle enforcement of the ordinance that includes a 30-day warning period and graduated penalties for non-compliance.
To learn more about the ordinance visit: http://bit.ly/2feM8CL
On June 22, Chicago City Council passed an Airbnb ordinance that would increase taxes on short-term rentals to 21 percent.
To learn more about this ordinance: https://www.illinoispolicy.org/?p=37432
The City of Chicago, in partnership with tenant and landlord organizations, has formed the Rents Right campaign to educate Chicagoans about the legal responsibilities and rights of renters and property owners.
Learn more about it here: http://bit.ly/2dAQccx
The Small Business Center (SBC) issues business licenses and regulates the business activities of industries as diverse as retail, food and liquor establishments, entertainment venues and theaters, day care centers, manufacturing facilities and motor vehicle repair shops just to name a few.
For more information visit: http://bit.ly/2dHLo7e
This is a great article that was originally posted in the Chicago Tribune: http://trib.in/2dBocWq
Always, seek the consultation of a Real Estate attorney regarding all your transactions related to either selling or purchasing a home.