Experts: Increase Illinois property taxes 40 percent

From Crain's Chicago Business:

llinois homeowners, who already pay some of the nation's highest property taxes, should pay about 40 percent more for the next decade to wipe out the state's crippling pension debt, according to a trio of economists at the Federal Reserve Bank of Chicago.

The economists argue that paying off the state's $129.1 billion in unfunded pension obligations cannot be done with revenue from new taxes such as a tax on marijuana sales or on financial transactions.

Yikes! They actually called it "fair." So, adding another $5,000 for each of the next ten years on a $500,000 house wouldn't drive more businesses out of Illinois?

At least this proposal has one benefit: It drives home just how much trouble finds itself in.

The full recommendation is here.

For your edification, here's a look from the Illinois Policy Institute on how much property taxes have risen:

screen-shot-2018-05-14-at-12-47-05-pm

dennis@dennisbyrne.net

www.dennisbyrne.net

My historical novel: Madness: The War of 1812

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  • It's called the 1% tax. It sounds low and cheap, so most home owners won't fight it, until they see the real numbers, The average home in Chicago is about 250,000,not 500,000, but the number is still high, which means about $2,500 increase. We in Chicago, will pay the same as the Suburbs, and the state won't worry about the area that it will hurt most, the south side, and the seniors.

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