Quincy property taxes do not generate enough to fund the municipal pension costs. Even with that heavy burden, there is so much state and local pension debt that the average Quincy household owns more than $35,600.
Chicago homeowners are likely to see average property tax bills rise between $72 and $180 based on the city’s new budget. Higher taxes are driven by $47 billion in pension debt, but pension reform can change that.
With billions in federal COVID-19 relief earmarked for Illinois schools and local government, Gov. J.B. Pritzker pushed them to use the money to lower or freeze property taxes. He made no mention of the state’s role in pushing property taxes to the second-highest in the U.S.