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Yahoo
5 minutes ago
- Yahoo
This Illinois woman's property tax is poised to jump from $756 to over $10,000 — a shocking 1,222% spike
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Landowners in Montgomery County, Illinois are grappling with a dramatic spike in property taxes after having their bills reassessed. Brandi Lentz told 5 On Your Side she paid $756 in property taxes last year on a 96-acre tract of woodland in Montgomery County. Next year, she has confirmation that her property tax bill will be more than $10,000 — a shocking 1,222% increase — and she's not alone. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how 'People are going to lose their property,' said former Montgomery Co. Finance Chair Megan Beeler in her interview with 5 On Your Side. 'When you're looking at a 1,500% increase, a 3,000% increase on property, we're not going to have the ability to maintain and pay the taxes.' What caused the sudden increase? The increase in property taxes stems from a 2007 state law requiring woodland tracts to be taxed like homes, according to Montgomery County Assessor Kendra Niehaus. Up until this year, the law wasn't correctly implemented in Montgomery County. As a result, woodland properties are now taxed at 33.33% of their market value. Property owners can challenge the assessment through the Board of Review, though a resolution may be difficult due to the lack of township assessors. The Montgomery County Board of Commissioners recently held a special session to address these concerns. What else can property owners do? They should start by reviewing their assessment details for accuracy. They can also compare recent sales of comparable properties in their area to see if their valuation aligns with market trends. Gathering documentation to support a claim of overvaluation can help build a case for an appeal. Once an appeal is filed, owners may be scheduled for a hearing to present their case. So, it's important to prepare a well-organized argument supported by evidence and be mindful of deadlines. Having a solid emergency fund can also help homeowners navigate large tax bills without risking losing their properties. Read more: Rich, young Americans are ditching the stormy stock market — How to own property without the hassle Investing in real estate has always been an attractive option for building wealth, but the thought of managing properties can be daunting. But platforms like Arrived are making it easier for everyday investors to tap into this market. Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property. To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends. The commercial real estate market is another avenue for real estate investment. First National Realty Partners (FNRP) allows accredited investors to diversify their portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord. With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Simply answer a few questions – including how much you would like to invest – to start browsing their full list of available properties. However, owning a share of a project or property this way holds some risk — for instance, you could receive no returns and these assets are often illiquid. Speak to a professional if this investment is right for you, especially if you are retired or close to retirement. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Car insurance in America now costs a stunning $2,329/year on average — but here's how 2 minutes can save you more than $600 in 2025 Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
7 minutes ago
- CNN
Swirling Crises Follow Trump to Scotland on Pivotal Week - Inside Politics with Dana Bash and Manu Raju - Podcast on CNN Podcasts
Swirling Crises Follow Trump to Scotland on Pivotal Week CNN Inside Politics 40 mins First: In the rough. As President Trump tees off overseas, he faces urgent questions about a major tariff deadline and deepening starvation in Gaza. Will he make any progress? Plus: No end in sight. As Trump tries to put miles between him and the Epstein saga, could a new tactic by his team backfire? A conservative congressman who's pushing for more information, Eric Burlison joins me live. And: Shake-up. A big win for Democrats as they try to take back Congress. Can they overcome the odds?
Bloomberg
7 minutes ago
- Bloomberg
Alibaba Cloud Visionary Expects Big Shakeup After OpenAI Hype
OpenAI 's ChatGPT started a revolution in artificial intelligence development and investment. Yet nine-tenths of the technology and services that've sprung up since could be gone in under a decade, according to the founder of Alibaba Group Holding Ltd. 's cloud and AI unit. The problem is the US startup, celebrated for ushering AI into the mainstream, created 'bias' or a skewed understanding of what AI can do, Wang Jian told Bloomberg Television. It fired the popular imagination about chatbots, but the plethora of applications for AI goes far beyond that. Developers need to cut through the noise and think creatively about applications to propel the next stage of AI development, said Wang, who built Alibaba's now second-largest business from scratch in 2009.
