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| Rate - Percent of Value |
"The Average Rates:
“Confiscatory” is not an exaggeration of some of the rates common in many of these communities. Rates now average 5.23% per year of a the market value of homes in south suburban communities, far more than mortgage interest which today would typically be no more than four percent for a 20%-down, fixed 30-year mortgage. Those tax rates are about 3.3 times higher than the national average effective property tax rate for homes (about 1.5%, in urban areas), as reported in this year’s annual report of Lincoln Institute of Land Policy and Minnesota Center for Fiscal Excellence. (Rural areas have lower rates.)"
Click to read the article.
http://www.wirepoints.com/suicidal-property-tax-rates-and-the-collapse-of-chicagos-south-suburbs-wp-original/
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