And you think KCDC is bad. (Property taxes in America are what we call Rates.)

CHICAGO (WLS) — A Chicago family said their latest property tax bill increased 440% and now their modest apartment complex could go bankrupt.

A one bedroom apartment will now cost Michael Markellos $17,494 in property taxes for one year.

“This has put us in a tremendous financial bind, the building has gone negative in the bills,” he said.

He and his mother own the 10-unit Lincoln Park apartment complex. Last year’s tax bill for all 10 units combined was $23,674, but now the same 10 units are $128,282 dollars this year; up 440%.

“I was outraged. These are basically simple one bedroom units for college graduates who work downtown,” added Markellos.

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