In Boone County, homeowners pay 6.2 percent of their household income to property taxes; Winnebago County homeowners pay 6.4 percent of household income toward property taxes
ROCKFORD (Dec. 17, 2015) – Rockford area homeowners are in the top 10 percent of property tax payers in Illinois, according to a new report issued today by the nonpartisan Illinois Policy Institute.
The report, “Growing out of control: Property taxes put increasing burden on Illinois taxpayers,” takes a look at how much homeowners pay in property taxes as a percentage of household income. The report found that all across the state, property tax bills are climbing at a rate many times faster than household income growth. But in the Rockford area in particular, property taxes are climbing at an astonishing rate.
“Governments in Illinois are spending and taxing at record levels, far outpacing the rate of growth in income of the taxpayers who fund government,” said Ted Dabrowski, vice president of policy at the Illinois Policy Institute. “For a lot of homeowners, property tax bills have become like a second mortgage. Right here in Rockford, city homeowners are forking over 6.4 percent of their household income to property taxes alone. There’s been a lot of talk recently about a property tax freeze, but it’s time for lawmakers to enact one.”
Highlights from the report:
- The average homeowner in Winnebago County pays $3,005 in property taxes every year.
- Homeowners in Winnebago County pay 6.4 percent of their household income to property taxes, according to the latest data available from the U.S. Census Bureau, which is from 2013.
- Homeowners in Winnebago have the 8th highest property tax burden in the state of Illinois.
- The average homeowner in Boone County pays $3,769 in property taxes every year.
- Homeowners in Boone County pay 6.2 percent of their household income to property taxes, according to the latest data available from the U.S. Census Bureau, which is from 2013.
- Homeowners in Winnebago have the 10th highest property tax burden in the state of Illinois.
- In the city of Rockford, the average property tax bill is $2,366.
- In the city of Rockford, homeowners pay 6.4 percent of their household income to property taxes.
Across the state of Illinois, property tax collections are at an all-time high. Property taxes are the single-highest tax burden faced by residents – more than income or sales taxes. Since 1990, property taxes in Illinois have grown 3.3 times faster than median household income, the report found.
The Institute’s report is available online here: https://www.illinoispolicy.
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