July 7, 2024
The $30,000 tax hike was later revealed to be an overestimation of the home’s worth.
A Chicago homeowner, Darryl Lloyd, has garnered attention after his property tax bill skyrocketed from $1,800 to a debunked $30,000. He is now raising awareness about this escalating problem.
Lloyd bought his Chicago Heights home for $115,000 in 2006, with its cost justifying its then-modest property tax. This year, however, Lloyd shockingly received a 1500% property tax increase on the three-bedroom abode, costing a fifth of the home’s current estimated value of $180,000. Lloyd told Fox 32 that the property value did not add up, given the 1950s’ home modest amenities.
“I was literally devastated when I saw that increase,” explained Lloyd to the news outlet. “I see 960 square feet, I don’t have a second floor [or a] basement.”
An inaccurate assessment led to $30,000 tax hike, which originally valued the house at over $1 million. However, before its correction, Lloyd saw no other choice but to forfeit his homeownership and move in with family, as he was reliant on disability insurance to cover his mortgage.
However, Lloyd also fought the valuation with the Cook County Tax Assessor’s Office, yet initially met pushback. The office wrote the issue off as a result of the cost-of-living crisis.
“I told them that I had a substantial increase, and they were like, ‘everybody’s taxes increase,’” he recalled.
It took the news outlet reaching out for the office to take the matter seriously. They later admitted to the error.
“This property was given an incorrect assessment due to a permit that was unintentionally applied to the property,” shared a representative from Cook County. “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.”
However, Lloyd is not the only homeowner in the county who is a victim of over-assessments. The publication stated that over 4,400 homes have faced incorrect tax bills. Appealing these lofty tax hikes require research, as well as a substantial claim of overcharging.
While filing an appeal can lead to a lower cost, it is not a guarantee to keep one’s home affordable. Moreover, the issue surrounding spiking property tax and interest rates continue to impact the country as a whole.
RELATED CONTENT: The Difference Is Clear: Appraisal of Same Home Quoted $350K for White Homeowner, $310K for Black Partner
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