How do flawed tax assessments impact your mortgage and rent? Consider, a Black resident in Forest Park, Illinois' tax bill on a $98k mortgage, property taxes nearly $14k for one year. Versus the tax bill of a White, Rodgers Park resident; is billed $12k for a nearly $700k home. On a $98k home, $7,280 in property taxes are paid to the school district, based on the above tax bill.
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Plunder-of-Black-Wealth-in-Chicago.pdf“The Plunder of Black Wealth in Chicago: New Findings on the Lasting Toll of Predatory Housing Contracts” set out to calculate the amount of money extracted from Chicago’s black communities in the 1950s and 60s through the practice of what was commonly referred to as home contract sales (also referred to as home installment contracts, contracts for deed, or land sale contracts). This common but little-known practice took root in the period of the housing boom that followed World War II. It grew out of federally endorsed redlining policies that denied most black homebuyers access to the conventional mortgage loans enjoyed by their white counterparts.
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