CHICAGO

Will Property Taxes Fall With Real Estate Prices?

10/04/2008 05:12 am ET | Updated May 25, 2011

Now that we have pretty much accepted that our homes are worth less than they used to be, a question comes up: If the value of my home is dropping, will my property tax bill do the same?

Short answer: Not now, not for a few years, and very likely not at all.

For the long answer, it's important first to grasp a few basics of how residential property tax bills work in Illinois.

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