Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
States with the slowest housing appreciation tend to have worse labor markets, higher taxes and more pension debt.
Visions of the community’s future no longer bring comfort. Instead, they inspire crippling fear.
Property taxes in Illinois are nearly double the national average. Until state lawmakers trim down thousands of local governments and pursue pension reform, those bills wills remain high.
Home price appreciation in Illinois was the slowest in the U.S. between the third quarter of 2018 and the third quarter of 2019, federal data showed.
The historic change comes as skyrocketing property tax bills eat into Illinois homeowners’ bottom line.
High property tax bills suppress Illinois housing demand, slowing average growth in home values when compared to the rest of the nation.
Without true pension reform, property taxes are only bound to continue swamping DuPage County homeowners.
Without true pension reform, property taxes are only bound to continue swamping Cook County homeowners.
Without serious property tax relief – including pension reform – it is likely fewer will demand planting roots in Illinois.