A man living in a suburban community just outside of Chicago was recently left reeling after he discovered his property tax had skyrocketed by more than 3,000%, from last year’s $1,800 tax to a more than $30,000 tax this year.
This shocking increase in property taxes has become a local story in the Chicago area, especially as this man has revealed he may have to leave his home.
A 1950s Home Outside of Chicago
Darryl Lloyd recently opened up about his infuriating property tax situation. In 2006, Lloyd bought a home built in the 1950s in an unincorporated suburb of Chicago.
This decades-old home is a three-bedroom, one-bathroom house. While Lloyd bought the home for $115,000, he has said it now has an estimated market value of about $180,000.
Cook County’s Valuation
Things began to change when Cook County ended up valuing Lloyd’s home at a whopping $1 million — a huge increase to the $180,000 Lloyd has said the home is currently valued at.
Because the county has valued his home at this enormous amount, they have subsequently stated that he must pay $30,000 in property taxes this year.
Lloyd’s Property Taxes Last Year
By comparison, Lloyd only paid about $1,800 in property taxes last year — a huge difference from the $30,000 the county now wanted him to pay.
This also means that Lloyd’s property taxes have jumped by 3,811% in the last 20 years.
Lloyd’s Reaction to This Increase
When asked about how he reacted to seeing this enormous property tax increase, Lloyd was honest. He couldn’t believe it.
“I was literally devastated when I saw that increase,” Lloyd explained. “I see 960 square feet. I don’t have a second floor. I don’t have a basement.”
Looking at the Rest of the Neighborhood
Lloyd tried to find a reason why the county was saying he had to pay so much in property taxes. But he realized that no other home in the neighborhood was worth $1 million. His home wasn’t either.
The homes in the area are modest homes, and Lloyd’s home was built in the 1950s. Therefore, nothing was adding up to him.
Moving From His Home
Lloyd also opened up about how he wouldn’t be able to afford this sudden increase in his property taxes. Instead, he would have to leave the home he has lived in for almost two decades.
“Nothing over here is worth … $1 million,” Lloyd stated, adding, “I will have to move in with a relative or something. You know, I can’t afford it.”
Fighting Cook County
However, before giving up his home, Lloyd decided to fight Cook County and question how they had decided that this home was now worth $1 million. As a result, he went down to the Cook County Tax Assessor’s Office to see if there was an error made with his taxes.
He showed them the increase he had received — and they simply responded that everybody had their taxes increased.
Finally Admitting Fault
Lloyd’s attempt to get the tax assessors in the county to help him, therefore, ended with nothing being resolved.
Luckily, change began to happen — but only after a local FOX affiliate contacted the Cook County Tax Assessor’s Office to ask questions about Lloyd’s case.
Processing a Correct Tax Bill
The office claimed that Lloyd’s property did receive an incorrect assessment, which caused his property taxes to increase. Now, they stated they would process a correct tax bill for him.
A representative from the county’s office said, “This property was given an incorrect assessment due to a permit that was unintentionally applied to the property. We will process a corrected tax bill for this property in the coming weeks, ensuring that the homeowner will ultimately pay the right amount in property taxes.”
Other People Have Also Had This Happen to Them
Lloyd’s case has become much talked about in the region, especially because others who live in different parts of Chicago have also had similar situations happen to them.
“If it happened to me, it probably happened to other people. I’d like to see immediate action,” Lloyd explained.
Property Taxes Are Increasing Around the Country
Property taxes have suddenly skyrocketed for many Americans around the country, in various states. Many Colorado homeowners have had to sell their homes because they can no longer afford the soaring home values and tax bills.
Meanwhile, one Florida woman has recently revealed that she received a 174% property tax increase. Now, she has to sell her home, as she can no longer afford it.
