We just bought a new home in Marion Illinois...
Then Covid hits and the world goes nuts.
Property taxes there are frightening but we figured since we got such a deal we could figure the taxes were sort of paid by the last owner....would take many years to get to point where the purchase price + the taxes finally equaled the real value of the home. Taxes last year were 2700.00
Another reason we bought the house is that in Illinois those past 65 pay no state income tax. So we were going to empty the market account, pay the fed tax and avoid the state tax...then put a good bit into physical precious metals.
Now we fear that the over 65 provision will be ended and also the property taxes will double (or worse) they come due in July in IL...
So we need to make a quick decision to just sell the new house we have already put much work into and buy a house we just found in Panama City Florida that we like..no state tax in Fl and the taxes are just 2620.00/yr on a MUCH better home... costly though at 340,0000.00 but is in gated community with enclosed pool in back connected to house...nice. Just a 50/mo HOA fee. Prop tax may go up a bit in FL due to Covid shortfalls but at least the state is not run by crazy people.
Lot of cash for folk like us to put in a home but at least we won’t need a mortgage and it is better than just holding onto that much fiat currency.
I’m just too tired to go through all this right now, I wish I had a member of the CCP at hand so I could kick his ass.
I’m too tired to even think about all this now.
https://www.zillow.com/homedetails/2810-Hawks-Landing-Blvd-Panama-City-FL-32405/87637778_zpid/
I wish my taxes were $2700. Try times 4.
You’ll need to go back to work
Millions of welfare recipients are depending on you.
In Illinois your taxes you pay in 2020 are for year 2019. They can’t rise unexpectedly like that for your July bill. The year is half over so I doubt the taxes for 2021 will be much different. Besides they have rules about how much they can increase from year to year.
Finally the state and local govts here in Illinois have been pandering to the elderly my whole life. The senior citizen freeze on property taxes is one of those panders. Things would have to be grim as hell to do away with the handout to the elderly. And yes I say handout because when you look at the concentration of wealth in America, the older you get the larger share of wealth Americans by age group gets. It stands to reason as the elderly have their whole life to have accumulated wealth whereas the young have not been working long and often have large expenses like buying their first home, furnishing it and raising kids. And these young folks are paying over 15% in social security/medicare taxes on top of their local real estate taxes. They are paying into a system that is set to to go broke in the next 10 to 15 years. Sounds like a huge scam on the young if you ask me.