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Blogged about here:
young-broke-and-fabulous.blogspot.com/2013/01/cherry-stri...
This picture makes me look really short because my über-tall dad took it, but it beats a crappy webcam picture.
courtesy of the lovely Poketo team, am trying my hand at guest blogging! thanks for the invite, guys!
at Sinsa's bloom & goute cafe again, trying to have as many nokchabingsu's before they disappear for winter (while waiting to be picked by bH, P & L after their Heyri adventure).
Love my new socks you knit for me! And the Eucalan- a girl can't ever have
to much wool wash on hand for beautiful hand knit goodies!
Cook County has had a 7% annual cap on assessed value increases since 2002. Property tax bills will rise this year, despite falling property values; this graph explains why property taxes will in fact take a while to catch up with market values.
'A cap, which gives homeowners comfort in a rising market, can, however, create the opposite effect in a down market. In Texas, which sets a 10 percent limit, property values rose by as much as 18 percent per year during the past decade, but assessed valuation could go up by only 10 percent per year. As a consequence, a large gap exists between real market value and taxable value. Because of that gap, assessed value may go up this year even though market value is coming down. Until the two come together — the market value falls to the level of the taxable value — 5 to 10 percent increases in assessments are a real possibility. "That's going to be another contributory factor in taxpayer frustration," says [Guy] Griscom, who is the assistant chief appraiser for Harris County. "Legislatures didn't look at that side of it when they gave property owners the benefit of these caps. Ultimately you have to pay it back. This is not what people want to hear." ' - Penelope Lemov, Governing magazine
(Assumed $100K property in year 2002 [and that assessed value equaled market value, which is probably not the case in Cook County], using 2002-2009 price appreciation trendline reported for zip code 60647 at Zillow.com, then assuming a 30% drop from 2008 peak by 2010.)