Suburban Chicago man hit with shocking $30K property tax bill on modest home he bought for $115K

An Illinois man living in a suburban community outside Chicago was stunned when he received a sky-high tax bill that threatened to drive him out of his modest 1950s home.

Darryl Lloyd bought his three-bedroom, one-bathroom house in 2006 for $115,000 — and it is now valued at just north of $180,000.

But Cook County officials had a wildly different opinion, appraising the property at a jaw-dropping $1 million. The result? A crushing $30,000 property tax demand for this year, as reported by FOX 32.

Previously, Lloyd paid a mere $1,800 in property taxes. This bill represents a staggering 3,811% increase.

“I was literally devastated when I saw that increase,” Lloyd said of the bill he received days ago. “I see 960 square feet. I don’t have a second floor. I don’t have a basement.”

Lloyd’s neighborhood is full of similarly modest homes, adding to his confusion. “Nothing over here is worth … $1 million,” he said, adding, “I will have to move in with a relative or something. You know, I can’t afford it.”

Determined to get to the bottom of this apparent mistake, Lloyd went to the Cook County Tax Assessor’s Office, only to be met with frustration.

“I said, ‘let me go to downtown City Hall, to the assessor’s office.’ And, at that point, I showed them my taxes, and I told them that I had a substantial increase, and they were like, ‘everybody’s taxes increase,’” Lloyd added.

The tax assessor’s office only admitted fault after FOX 32 intervened on Lloyd’s behalf.

“This property was given an incorrect assessment due to a permit that was unintentionally applied to the property. We will process a corrected tax bill for this property in the coming weeks, ensuring that the homeowner will ultimately pay the right amount in property taxes,” a representative from the office told FOX 32.

Lloyd is far from alone in his ordeal.

The Cook County Treasurer’s Office discovered that the county assessor miscalculated land values for more than 4,400 homes in the south and southwest suburbs of the Windy City.

These over-assessments, mainly affecting properties on larger plots of land, were discovered too late, with incorrect tax bills already printed and mailed.

“If it happened to me, it probably happened to other people. I’d like to see immediate action,” Lloyd said.

Now, Lloyd waits for a certificate of error, though the assessor’s office has provided no clear timeline.

This nightmare isn’t isolated to Illinois. Across the country, Americans are grappling with soaring property taxes.

A Florida woman saw her property taxes jump 174%, from $2,700 to $7,400, forcing her to put her dream home back on the market.

In Colorado, meanwhile, longtime residents are selling their homes as an influx of pandemic-era transplants drive property values and tax bills through the roof.