patrick.net

“Homeowners are happy when their property increases in value. But when it’s time to reassess for tax purposes, such increases in value are suddenly unwelcome,” Shaer said. “It’s human nature. In other words, the good news is, your home is worth more; the bad news is, your home is worth more.” ...

But several real estate agents the Chicago Sun-Times spoke to agreed the reassessments seem unusually high, even with an improving economy. One veteran agent who specializes in North Side properties said home prices actually appear to be falling.

“What’s happening, unfortunately, over the last year — and at a rapidly accelerating pace — is people not having confidence in the real estate market, and we’re noticing a big slowdown in sales,” said Realtor India Tougne. “Although the inventory is low, the prices are not going up in a corresponding fashion.”

Tougne said concerns about everything from the recent state budget woes, to Chicago Public Schools funding issues and “Chicago corruption” are discouraging people from buying in the city, prompting them to rent instead.