Government unions in Illinois have tremendous power. Most are allowed to go on strike and can bargain over virtually anything.1 It creates an uneven playing field, with unions able to demand costly provisions in their contracts and threaten to strike – denying Illinoisans needed services – to get what they want.2 Until recently, the potential...View Report
A report on rapid growth among Cook County’s senior population found nearly 60% spend more than 30% of their income on rent. Experts insist on more county housing options or tactics to lower costs.
Property taxes are the real thieves attacking the house used in the holiday movie ‘Home Alone.’ The house is available for a one-night stay this holiday, but not all taxes are included.
While phasing in the tax impact of sharp increases in assessed value could help Cook County’s commercial property owners adjust, holding down property taxes requires reducing spending through public pension reform in Illinois.
Chicago will spend $32 million on the nation’s largest test of universal basic income. What happens after that year is one question, as is whether handing out cash will truly fix anything.
Rapidly rising property taxes and growing pension costs leave homeowners asked to pay more to get less. Relief requires structural pension reform, starting with a constitutional amendment.
An underused airport near Belleville, Illinois, has required local taxpayers to chip in $119.5 million since 2002 to keep it operating. Even with pandemic money, 2020 was even worse.
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.
Despite so much of the property tax share going to public pensions, there is still a huge unmet pension debt. The average Rock Island household owes nearly $40,000 to state and local pensions.
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.
The average Danville household owns nearly $40,000 in state and local pension debt.