* Crain’s…
This year most suburbs and city neighborhoods have seen home sales droop or prices weaken—and in many cases both. But in Flossmoor the number of homes sold is up (by 23 percent, to a total of 159 this year at the end of August) and so is the median sale price (by 2.5 percent, to $210,000). Homes are selling a smidgen faster, in an average of 130 days compared to 132 in the comparable period in 2018. […]
No other suburb in the four counties has such vigor in its year-to-date sales data. Western Springs comes close, but its inventory hasn’t been slashed as much, and in several other suburbs—Alsip, Glendale Heights and Zion among them—the decline in inventory is slight and largely mathematical. (CAR and MRED provide data for only these four counties. Crain’s leaves out of the analysis any suburb where fewer than 25 homes sold during the period, because small sales figures result in skewed percentages.) […]
As in most parts of south Cook County, Flossmoor homeowners pay far higher property tax rates than their counterparts in western and northern suburbs. The current rate, released in June by the Cook County clerk, is nearly 18 percent of a home’s taxable value. (Taxable value is a fraction of the home’s market value, typically about one-third, which would mean property taxes in Flossmoor are about 6 percent of the home’s value.)
The article claims the main reason for all this activity is the local school quality. Good schools cost money to operate, which is one reason (of several) why their property taxes are so high. Click here to compare rates.
* Meanwhile, from a News-Gazette editorial…
There were two more pension setbacks last week, this time associated with local communities’ often underfunded fire and police pensions. Slowly, the noose is tightening around the necks of taxpayers and public officials statewide, proving once again that ignoring pension woes won’t cause them to go away but, instead, to get worse.
For starters, the city of Peoria, being crushed under the pension costs for firefighters and police officers that are eating up virtually all of its property tax levy, passed a special three-year tax to raise money to cover pension costs. It’s akin to similar action taken in Danville.
Property owners are now scheduled to receive a bill in October that will generate $1.2 million for police and firefighter pensions. Patrick Urich, Peoria’s city manager, said the costs of employee pensions are the fastest-rising portion of the municipal budget.
To raise the money needed to make the required contributions, city leaders implemented a new public safety pension fee in their 2019 budget.
Like many cities, Peoria ignored its unfunded first responder pension liabilities for far too long. They subsidized other spending by accumulating pension debt, but now they have to pay up. Nobody is happy, but anyone who wants to just come right out and say “Slash pension benefits for retired and/or current firefighters and cops who put their lives on the line for their local communities!” can be my guest.
The bills have to be paid somehow. Wishing on a star won’t make that happen.
- OneMan - Tuesday, Sep 24, 19 @ 10:38 am:
Growing up in the South Suburbs HF was always considered the ‘rich school’ and had all sort of resources neighboring districts didn’t have.
- Steve - Tuesday, Sep 24, 19 @ 10:43 am:
Good schools cost money to operate , bad schools are also expensive to operate. Schools aren’t cheap. They have high fixed costs.
- Just Me - Tuesday, Sep 24, 19 @ 10:56 am:
Just do what the State of Illinois did and skip the pension payments. It worked so well for the state, I’m sure Mike Madigan would be happy to push through the legislation again in exchange for some sweet political goodies again.
- Oswego Willy - Tuesday, Sep 24, 19 @ 11:06 am:
===I’m sure Mike Madigan===
Narrator: Mike Madigan is the most powerful as Speaker since he’s held the gavel, after millions on negative and an IPI movie.
Blaming Madigan now only makes MJM more powerful, lol.
To the Post,
I live in Oswego’s 308. Property taxes fuel the district, it funded the growth and now its about paying costs in the long run, all the while keeping quality at the forefront.
Specifically to Rich’s post,
===Good schools cost money to operate, which is one reason (of several) why their property taxes are so high.===
While I cite Oswego, the state’s formula to fund schools and the locals having a need to give students the tools, for me it’s truly about looking at K-12 and higher education and how this state wants to long term be the funding source and at what measurable levels are acceptable and what real levels are necessary to give that student a chance through education.
- Last Bull Moose - Tuesday, Sep 24, 19 @ 11:15 am:
I pay high property taxes in Naperville and consider it money well spent. Our schools get little state funding.
- City Zen - Tuesday, Sep 24, 19 @ 11:24 am:
==main reason for all this activity is the local school quality==
$102,000 median income doesn’t hurt.
Median home value in Flossmoor is much lower than its western suburbs counterparts like Oak Park and Western Springs, so it stands to reason that the property tax percentage of home value will be much higher.
Flossmoor is a great little burb.
- Annonin' - Tuesday, Sep 24, 19 @ 11:30 am:
Peoria did a jim sandy job with sprawl so lots of extra territory to patrol and protect.
BTW did anyone mention Madigan did not set salaries or invest the pension $
- Fav human - Tuesday, Sep 24, 19 @ 11:56 am:
“jim dandy job with sprawl”
Speaking of which..
One of the benefits of retail Armageddon is that developers will have a much harder time promising cities that retail will fund their sprawl.
- JS Mill - Tuesday, Sep 24, 19 @ 12:02 pm:
=Flossmoor is a great little burb.=
Homewood is also part of the district.
- OneMan - Tuesday, Sep 24, 19 @ 12:15 pm:
== I pay high property taxes in Naperville and consider it money well spent. Our schools get little state funding ==
I live in Aurora and pay a much higher municipal rate than you do in Naperville, when it comes to the city’s cut I have my doubts I am getting my money’s worth.
What I pay to the Oswego SD, yeah I am ok with that and would be willing to pay more if needed.
- R A T - Tuesday, Sep 24, 19 @ 12:20 pm:
Jim Ardis is already having a bad week.
- City Zen - Tuesday, Sep 24, 19 @ 12:27 pm:
==Homewood is also part of the district.==
Just the high school. The elementary is Flossmoor plus wealthy sections of Olympia Fields and Hazel Crest.
- JS Mill - Tuesday, Sep 24, 19 @ 1:00 pm:
=Just the high school. The elementary is Flossmoor plus wealthy sections of Olympia Fields and Hazel Crest.=
Read the article- they talk about both as the quote below indicates……..
“Kimberley Petersen, an agent for Real People Realty, said that along with maximizing their housing dollar, “it’s schools. People come to Flossmoor for the schools.” Homewood-Flossmoor High School and Flossmoor Hills Elementary School both score 9 on the 10-point Great Schools rating scale, although the town’s other lower schools don’t score as high”