Chicago homeowners on the South and West Side are facing property tax increases of up to 130%, with some seeing a 98% spike. Residents are feeling the burden of empty downtown buildings, leading to unexpected taxation. One homeowner organized a symbolic “bill burning” ceremony to protest the tax hike.

The sudden tax increase prompted discussions about potential solutions, including pushing for a 2% cap on property tax hikes. The situation highlights the impact of rising property taxes on communities outside the downtown core. Residents are taking action to hold elected officials accountable for addressing their concerns and demands.

With unexpected property tax bills, having a substantial emergency fund is crucial. High-yield accounts like Wealthfront Cash Account offer competitive interest rates and easy access to funds. Budgeting and financial apps like Rocket Money can help manage expenses and negotiate lower bills to save money.

Real estate ownership comes with hidden costs, including property taxes. Alternative investment platforms like Arrived and Mogul offer opportunities to invest in shares of vacation and rental properties without the hands-on responsibility of property management. These platforms provide passive income streams and potential tax benefits.

The recent property tax challenges in Chicago underscore the importance of emergency funds, budgeting, and alternative investment options for homeowners. It’s essential to be financially prepared for unexpected expenses and explore diverse investment strategies to secure financial stability.

Read more at Yahoo Finance: Chicagoans erupt in ‘bill-burning’ protest after taxes soar 98%. How to invest in real estate without getting scorched