How much would Pritzker’s ‘fair tax’ affect your home value?
The progressive income tax amendment would carry a hidden cost of $1,800 a year in lost home value for 3.2 million homeowners if Illinois sees the same impact as Connecticut.
Illinoisans need to pay attention to what Illinois Gov. J.B. Pritzker is not telling them about his “fair tax,” namely that if Illinois voters enact it like Connecticut did the cost could be $1,800 a year in lost home value.
Use the calculator below to see how the “fair tax” might impact your home’s value:
How will the progressive tax affect your home value?
lower than under Illinois’ current income tax.
home details above
This tool compares the expected sale price based on the most recent 10-year average house price appreciation with the expected change in housing prices under the proposed tax increase that would go into effect Jan. 1, 2021, should voters approve a progressive tax constitutional amendment Nov. 3. This calculation assumes no change in other owner's costs such as mortgage rates, maintenance costs, property taxes and the federal income tax liability.
After passing a progressive tax in 1996, Connecticut homes through 2019 had appreciated by less than half the average in neighboring states. If Illinois homes suffer the same fate, 3.2 million homeowners will be paying a price that Pritzker never mentioned in his “tax the rich” rhetoric.
Property taxes rising 35%, income taxes increasing 13% on the middle class, 362,000 jobs lost and another 52,000 in poverty also followed Connecticut’s switch to a progressive tax.
Illinoisans will soon decide whether to accept or reject a similar policy change.