Posted on 07/05/2015 6:49:36 AM PDT by george76
Even as Mayor Rahm Emanuel warns about a property tax hike of up to $250 million for the cash-strapped Chicago Public Schools, another big wave of increases likely is coming to rescue the pensions of police officers and firefighters.
A massive payment due to those retirement plans next year could drive up Chicago property taxes by more than 30 percent, according to a Crain's analysis. And if the current logjam in Springfield continues, it could be a lot worse.
Taxes on a $250,000 home would jump $224, assuming the city continues its current practice of using property taxes to fund nearly 73 percent of its contributions to the police and firefighter pension funds. For a $1 million home, taxes would climb $975. Businesses also would be hit hard because commercial real estate pays proportionately higher taxes than residences.
That $224 increase does not include potential property tax hikes by other governmental agencies, such as CPS, which Emanuel recently said could need a boost of $175 million to $250 million.
...
That still leaves about $90.4 million to be funded from other sources, such as the personal property replacement tax, a state tax on businesses that historically has been used to fund city pensions along with property taxes.
(Excerpt) Read more at chicagobusiness.com ...
Does Chicago have a city income tax? Just curious.
This is something I think about every day here in DeKalb County, Ga. Put in your 30 years, retire at 50-ish with 100%, 125%, 150% of your salary.. Estate Royale!!
Detroitification.
Liberals screw up everything they touch.
A sales tax hike would be so much better. Everyone would pay then. I am tired of property owners paying for everything!
From the article:
The expansion of existing taxes announced June 30 also will help. Residents who stream movies and music on services like Netflix and Spotify will have to pay the 9 percent amusement tax, for example, while real estate agents who use online listings will have to pay the lease transaction tax, also 9 percent.
Well,isn’t that just dandy? The property owner,who is probably already overtaxed & perhaps has no pension of his own,gets to kick in more for teachers who will get out with a nice pension. Good enough reason not to live there.
Chicago? Who gives a damn. Now if you really want to see a corrupt bankrupt expanded to State size, try California and New York. Pensions have kill both States.
According to the chart in the story Chicago’s property tax rate was 3% in 1980 and gradually declined to under 1% in 2009. The current rate is about 1.2%.
It seems to me the folks in Chicago have been reducing their taxes and increasing the salary and benefits for city employees for the past 30 years.
Only a Democrat run cesspool would come up with such a screwball idea.
Just maybe if the voters in Chicago reduced employee salary and benefits and paid more they could balance the budget.
But no, the voters want someone else to pay for the services they receive. Namely, other taxpayers in the USA or the holders of the bonds issued by the city.
Also, a 1.2% property tax rate is on the low side of property tax rates in major cities in the USA.
That’s what I thought. Two hundred twenty four dollars is 30% of 746. That’s a blessing compared to some states, namely New Jersey.
‘The People’s Republik of Madistan’ has raised property taxes by $100 a pop for two years in a row. Nary a peep from the dumb sheeple.
I guess they fail to realize that apartment owners and local Slum Lords are paying even MORE - which results in raised monthly rent due from the poor Dem voters...those the Socialists are, ‘fighting for’ on a daily basis!
Socialists. SO much SMARTER than the rest of us!
*ROLLEYES*
Big freakin’ deal. So, a $250k Chicago house is currently only paying $750 dollars in property taxes. That’s a bargain. I’m paying $5500 (no city taxes) on a 1600 sq ft 3/2 60 year old house on a small lot that anywhere else in the country would be assessed at no more than $100k.
A house your size in Chicago on a 30'X125’ lot would be about $5500 to $6000
per year. Also you have to consider the myriad of other ancillary taxes were hit with every day in this S==== hole city . Chicago is one of the highest taxed city's in America
I’m truly sorry for you. Any plans to relocate? I know it’s not always easy or possible.
30% = $224
Do the math.
You aren't the property owner, you are merely the renter, the real owner is fixing to raise your rent, get used to it.
The peasants need to pass "get your mind right" bills on property taxes.
I call it "Here's The Keys For 80%".
The assessor says your place is worth $100,000 - here's the keys for $80,000. Cut me a check NOW, local gruberment. You're making 20% on your "investment", according to your "valuation".
Unless like Rahm your home is a tax sheltered religious nonprofit HQ ...
They did at one time, don't know if it still continues.
Regards,
GtG
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