If an Illinois worker takes a pay cut during a recession, she knows the state isn’t going to take an even bigger chunk out of her paycheck. That’s because the state income tax rate stays the same. But if her home loses value, too, she could still see her property tax bill go up. Government...View Report
A new study shows 13 percent of Chicago-area homeowners with mortgages owed at least 25 percent more than their homes were worth.
House Joint Resolution 69 would create a special task force to investigate and report on state and local property tax assessment, appeals processes and other property tax policies.
Illinois homeowners’ property taxes are among the highest in the nation. They are consuming more and more of Illinoisans’ incomes.
Illinois loses more millennial taxpayers and dependents to other states than any state except New York.
On June 28 the Illinois House of Representatives failed to pass Senate Bill 484, an illusory property tax freeze that did not offer real reform, left Chicago homeowners out in the cold, and would have left in place an opaque and expensive property tax system that benefits special interests over taxpayers.
A four-year freeze riddled with exceptions won’t help Illinois homeowners. Illinoisans need a long-term freeze on local property tax levies and a cap on the tax burden for individual homeowners.
Illinois is tied for the worst income growth in the entire U.S.
Lawmakers need to enact comprehensive property tax reform to provide relief for overburdened state taxpayers.
Compared with Illinois’ pre-recession average, permits for new single-family and multiunit housing are down more than 60 percent.
One in six Illinois homeowners are seriously underwater.