'Real' Chicago home property taxes climb 50 percent — in five years!

Crain's Chicago Business reports:

If you think the property tax bill on your house has been become increasingly painful, it has, a revealing new study shows. But it's even worse for those who own commercial property, especially in Chicago.

The new study comes from the Civic Federation, a fiscal watchdog group that takes an annual look at effective property tax rates in Chicago and nearby suburbs. (I'll explain in a minute what the federation means by "effective tax rate.")

With property values only now beginning to tick up after the great subprime recession and governments asking for more tax revenue every year, the result is pain, big pain, with an average Chicago homeowner paying 50 percent more than five years ago as the federation counts.

Progressives call taxes "progress".