If Illinois adopted Virginia’s spending habits along with policies that can reduce costs and raise home values, the Prairie State could vastly reduce the property tax burden that Illinois homeowners currently face.View Report
Most of the proceeds from the sale of Alton's sewer system and water treatment plant would go toward combined police and fire pension debt of more than $113 million.
Village officials are trying to control expenses by cutting staff as growing pension costs continue to gobble up local tax dollars.
Sangamon County billed homeowners $215 million in 2017. This meant owners of a $127,000 Springfield home had a $2,600 property tax bill.
The defined-benefit pension system threatens the retirement security of government workers, as well as the pocketbooks of overburdened taxpayers.
Illinoisans shoulder some of the highest property taxes in the country. This burden is key to understanding the state's outmigration problem. Despite the failure of lawmakers to reverse this crisis, there remain a number of sound reforms waiting for consideration.
Illinois’ school district debt and unfair government union bargaining laws contribute to the state’s massive property taxes.
Village board members passed a 5 percent increase in the village’s property tax levy to make increased payments to police and fire pension funds.
Belleville aldermen approved a 12 percent increase in the city’s property tax levy.
The Chicago suburb’s decision to raise the levy will result in a 3.1 percent hike in the city’s portion of property tax bills, marking the first such increase in four years.
Seeing rising pension costs, a decline in state assistance, and a new state tax-collection fee, in 2018 the village plans to raise the property tax levy 4.9 percent and make a 1.2 percent cut to the village’s budgeted revenues, in addition to a 1.7 percent spending cut.