When Property Taxes Go Up While The Value of Your House Goes Down

West Cook News reports:

IRS lawyer-turned insurance CEO Vikki L. Pryor paid $757,000 for a four-bedroom, four-bath home at 1001 N. Euclid Ave. in northeast Oak Park in August 2005, or $975,657 in today’s dollars.

The home sold on Feb. 26 for $590,000, or 40 percent less than what she paid for it.

Pryor’s property taxes rose over the same period. They were $9,249 when she bought the home in 2005, an effective tax rate of 0.9 percent. Last year, they were twice that -- $20,652, or 3.5 percent of her sale price.

All told, Pryor paid $207,132 in property taxes over 13 years of ownership.

Pryor's story is now commonplace in Oak Park

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