Illinois property taxes are growing 6 times faster than household incomes
Ah yes, Democrats (mostly but not exclusively) have given us another reason to get the hell out of Chicago and Illinois.
Government data show average property taxes paid in Illinois grew more than 6 times faster than household incomes from 2008-2015. And more recently, those property tax bills have risen as returns to investment in home equity have declined in Illinois – meaning property taxes are too often sucking away the savings of middle class families.
So, there you have it. All the Democrat blathering about cruel conservative policies that are squeezing the middle class, it turns out that Democrat policies in Chicago and Illinois are ripping the guts out of middle class budgets.
The Institute’s report cites studies by the Civic Federation, the Cook County assessors office and Lincoln Institute of Land Policy that taken together attempt to show that property taxes here ain’t so bad. As if homeowners, businesses and landlords and others who shell out the taxes don’t know beans. To which the Institute’s Orphe Divounguy, author of its study replies:
But effective property tax rates don’t reveal the true pain of property taxes for Illinois families. That’s because even if those rates go down, Illinoisans can still see a larger and larger share of their incomes eaten up by property taxes.
And that’s exactly what’s happening. Illinoisans’ real property tax burden – property taxes as a share of income – jumped nearly 38 percent from 2008-2015.
Here are the other facts from the study:
- The average Illinois household income increased by only 7 percent from 2008-2015,according to data from the U.S. Census Bureau.
- During the same time, the average property taxes paid in Illinois grew by nearly 48 percent.
- The real property tax burden – percentage of household income paid in property taxes – increased by nearly 38 percent from 2008-2015.
- The average Illinois household income did not grow in 2015, but the real tax burden still increased 17 percent from 2014-2015.
- The average return on investment in home equity increased 14 percent over the recession era in Illinois. But from 2014 to 2015, the return to home equity actually decreased by 2.4 percent.