The Mayor’s Tax Increase to Affect a Majority of Chicago Homeowners With Property Valued Above $250000

There are mixed reactions from residents of Chicago following tax assessment increase to over 48 %. The high increase is coupled with Mayor Rahm Emanuel decision to raise taxes for residual property approved last October. This increase is the largest increase in the recently concluded assessment. The majority of the affected residents blame political decisions taken by the mayor for the tax increase.
Those affected most are residents living in the intersection of Halsted and Davison streets. The assessment is carried out every three years. The inhabitants of the West Township 151, West Township 051 and north township 030 are most affected with assessment taxes rising in over 10%. The increase in residual property in the North Chicago is after the Lincoln Park was relocated to the south of the city. The industrial properties have since been replaced with residual property, stores and restaurants.
The British international school in Chicago has made the area recently change from industrial to residential. It has therefore made the tax spike inventive with also new development flats set to be built in the region. There were also some areas that saw the tax assessment fall. The lake township 285 tax assessment fell on 9.5% average.
The mayor’s plan will not affect homeowners whose property is valued below $ 250000. It insulates these homes against a tax increase. Those likely bear the brunt of the directive are high priced home owners due to a sharp appreciation after the mid-2000 recession.
The recent tax increases are likely to affect the real estate business. Among the real estate investors is Mr. Majeed Ekbal. The Chicagoan business mogul has diversified business interests spanning across several sectors. Majeed has been in business for the last two decades and is well experienced in real estate investment and effects of an increase in assessment taxes.
He is a graduate of the American University in Washington. Majeed is a successful entrepreneur, the founder of Expresso limited. He is also active on several philanthropic community projects that improve the welfare of the society. He is reachable through his personal profile in LinkedIn and soundcloud website.