IOW, the taxpayers won’t see a damn thing for the extra tax. and there it is...
Posted on 06/14/2016 2:15:58 PM PDT by george76
Chicago homeowners should brace themselves for sticker shock when they open their mailbox at the end of the month: property tax bills on average 13 percent higher than last year.
The big increase is mostly being driven by the record tax increase Mayor Rahm Emanuel engineered last fall to fix city pension funds for police officers and firefighters.
Cook County Clerk David Orr released tax rate figures Monday, revealing the practical effects of City Hall's painful decision. The owner of a single-family home with the current average sale price of about $225,000 can expect to see a property tax bill of $3,633, an increase of about $413.
...
Owners of business properties with the current average market value of $896,000 will see their bills increase about 10 percent, to $41,000.
...
In Chicago, tax bills reflect a $363 million property tax increase enacted last year by the City Council and Chicago Public Schools Board of Education at Emanuel's request.
The biggest chunk — $318 million — will go to the pension funds for police officers and firefighters. It's the largest of four yearly increases approved by the council in an effort to restore financial soundness to those retirement systems.
...
The bad news might not be done. The mayor is considering asking the council and CPS to restore a school pension fund property tax of $175 million, and the city is looking for ways to bring in more money to restore financial health to its largest pension fund for municipal employees. Emanuel got a state law passed to cut costs by reducing benefits and requiring workers to pay more toward retirement, but the Illinois Supreme Court ruled it unconstitutional in late March.
(Excerpt) Read more at chicagotribune.com ...
They always say that it’s for the police and fire departments, so as to MAKE SURE the property owners don’t get TOO pissed off.
And because of that they are moving over here to Grand Rapids in W. Michigan, and then they proceed to vote for every tax hike by our city government.
Thanks.
But they get to enjoy those balmy winters.
The biggest chunk — $318 million — will go to the pension funds for police officers and firefighters.
...
IOW, the taxpayers won’t see a damn thing for the extra tax.
“The owner of a single-family home with the current average sale price of about $225,000 can expect to see a property tax bill of $3,633, an increase of about $413.”
Well here in California, the state all of you love to hate, I live in a home that is valued at 10x the example and our annual property taxes are about $7,000. thanks to Proposition 13. As far as Illinois is concerned, I hope that the whole state goes bust (just like I hope it does here) because the rebuilding won’t begin until the entire state financial system crashes. BTW, Cops and FFs are simply two brands of union thugs.
They think they can raise property taxes as much as they want because people can’t move the real estate to another jurisdiction. But people can abandon their property when the value goes to zero. Chicago will become like Detroit, a city of ruins were people have just walked away.
Property values will be hit accordingly.
That’s half of what I pay in TX on a dump.
I live in the Champaign/Urbana area south of Chicago. A $225K house will get you around a $5K property tax bill. Might be closer to $6K in Urbana.
By the time they get done raising all the taxes the only ones left in the city that will be able to afford the taxes will be the city, local and state employees .... and at some point all their wages will go to pay for their wages and pensions .....
That’s why Californians invade Nevada over the sierras like a horde of locusts. Based on current sales patterns in my neighborhood, I can sell my house in less than a week for 800 kilobucks easy, not even debateable, yet my tax is about 1500/year. I also have 5 acres on a lake in north eastern nevada and that costs me 40 bucks/year
It’s the sad story of my tag.
Anyone stil living there, after all this time, wants to live there. They really donot mnd that much living under these conditions the liberal democrats have them living under.
Plenty of people have left because of it. Those that stay,they gotta not mind it very much.
That's the downside of living in a state without an income tax. They take the money in other ways. The upside is housing prices and property valuations have historically been lower than many other states. And you get to live in TEXAS.
IOW, the taxpayers won’t see a damn thing for the extra tax. and there it is...
I grew up in Chicago and lived in the area for 50+ years. 35 years ago, it was considered a city that “worked” with reasonable prices and taxes, and good jobs (if you knew the right people).
As the Democrats continued their agenda, things slowly worsened, like a frog in a slowly heating pot. Things will continue to worsen until the exodus becomes too great. They are hoping that Clinton wins and the Dems take the Senate. Then, it’s bailout time.
I am happy in Iowa now, but planning on retiring to Arizona in the next few years. I will only return to the Chicago area to visit relatives.
Snort, not. Property values are outlandish. We're looking to move. PMing you.
Serves Chicagoans right. They keep voting for these Democrats. Reap what you sow Chicago.
My aunt & uncle in Parsippany, NJ (by New York city) have a single story rambler with 3 bedrooms and a basement that opens to the backyard.
In 2003 they told me their property tax was $9,000 !!
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