Lawsuits are mounting from homeowners, investors and counties. Unless lawmakers act, taxpayers could pay millions in damages over Illinois' unconstitutional tax sale system.
When a Cook County business successfully appeals their property taxes, the county just shifts that burden to homeowners. This meant an extra $2 billion in residential property taxes instead of a lower property tax levy.
Across Illinois, homeowners are losing their homes and all their equity over minor tax debts, with private investors reaping the profits. Illinois is one of the remaining states hasn’t reformed this unconstitutional practice.
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.
Because the cost of generous government retirement packages has grown faster than existing government revenues can sustain, property taxes continue to climb.
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.