Any meaningful property tax relief for Illinoisans means reforming Illinois’ unsustainable public pension system.View Report
More than a dozen city and park district retirees in Highland Park have received more than $1 million in pension benefits each.
The average lifetime pension benefit among the county’s 20 highest-earning municipal retirees is more than $1.2 million, while their average total retirement contribution is less than $75,000.
Among the 23 former city of Springfield employees who retired at age 50, five have accumulated more than $1 million in pension benefits.
Previous pension obligation bonds in Illinois have increased costs to taxpayers and done nothing to solve the fiscal challenges created by the pension system.
Senate Bill 3622 would reverse recently passed restrictions on pension spiking, raising the cap on end-of-career salary increases to 6 percent from 3 percent.
Property taxpayers in St. Clair County have seen home values swamped by property taxes over the past 20 years.
Active Des Plaines Park District pensioners – including two pension millionaires – have put taxpayers on the hook for more than $7.6 million in pension payouts since 1996.
Lake County residents pay some of the highest property taxes in the nation – a burden driven by the growth in pension costs over the last 20 years.
Less than 50 cents of every additional property tax dollar over the last 20 years went to pay for services that raise home values. Instead, the primary driver of the rise in property taxes was pension costs.
Dwyane Wade’s Matteson home has been on the market since May. At its current 5 percent effective property tax rate, the buyer would pay for it again in property taxes within 20 years.