Harvey Mayor Wants Your Property Taxes
After a report earlier this year stated that Harvey Illinois is worse then broke “Insolvent”, many investors find it hard to invest in Harvey Illinois because of it’s already high property taxes. Dolton Illinois also higher property taxes which you have to ask…why. In fact Illinois is the second highest property taxed State in America.
Shocking information was released by Fox 32 about Harvey’s finances on Jan 2016. Civic Foundation was given the opportunity to do an independent audit on the City of Harvey It would seem that Illinois requires independent audits of each city is to be done each year according to Illinois State Law, however the City of Harvey had not done an audit in many years until recently. The report state that Harvey is ‘insolvent” and worse yet the city did not give auditors receipt to further understand their spending.
We fear worse is yet to come for Harvey residents since the debt for Harvey Illinois is estimated to be around $59 Million. What this could mean is that Harvey residents will be left to fill this gap but a major problem already exist. You see; Harvey Illinois has the highest property taxes in Cook County, a high unemployment rate, high crime and many low income families who may not be able to pay higher property taxes.
Residents recently fired back at their Mayor as they worry that property taxes may hike up to resolve this problem. Many fear they will loose their house or be subjected to higher crime with less police around. The City of Harvey needs the State of Illinois to interject and correct the problems Harvey faces. While investors may find it risky to purchase properties for flip, rental may be something of an interest.
Savy investors will be able to use the City of Harvey’s poor means of money to purchase properties below their already low prices. We should expect higher notices and tax liens on properties that are behind on their property taxes.
What is your take on the City of Harvey and it’s lack of transparency?