Evidence from Connecticut suggests the progressive income tax could cost Illinois homeowners substantial equity in their homes.View Report
Illinois again ranked second for highest property tax rates in the nation in 2021, behind only New Jersey. Illinois homeowners average $4,942 in property taxes on the U.S. median valued home of $217,500 – exactly double the national average. That’s a tax each year of 2.27% of the house value, according to the 2021 state...
Cook County’s first property tax payments are due March 2. In Chicago, property taxes have grown more than 3 times faster than inflation for 20 years.
The nation’s second-highest property taxes could come down if Illinois cut school bureaucracy and reformed public pensions. Until they do, fixing the housing stock is a tough sell.
More people again in 2020 became former Illinoisans than new Illinoisans. The new General Assembly has the power to stop the moving vans.
Illinois homeowners pay double the national average on their property tax bills.
Chicago Mayor Lori Lightfoot is trying to raise revenue to close large revenue gaps partially brought on by the COVID-19 pandemic.
Lightfoot’s budget depends on borrowing and property tax hikes.
Property taxes are on the ballot in Madison, Winnebago and Champaign counties.
Cook County property taxes have grown at triple the rate of the cost of living. The “fair tax” backers promise it will bring property tax relief, but the evidence refutes their claim.
Every state without an income tax has lower property taxes than Illinois. The progressive tax amendment includes no property tax reforms, so there’s no guarantee property taxes won’t rise as income taxes rise.