Chitownproperty

State and local government revenues are up, and some localities are refunding property taxes to home owners. Property taxes have increased 34 percent over the past five years, three times faster than inflation, according to the Bureau of Economic Analysis. Some places, like New York City, are giving a flat rebates to taxpayers. Other places like Pennsylvania are using casino revenues to fund rebates. No property tax news from Illinois or the City of Chicago yet, but we can only hope this trend catches on here.

We’re taking a break for the holiday the rest of this week, but we’ll be back Monday with a roundup of the weekend real estate news. Happy Thanksgiving!