Posted on 07/28/2016 6:27:27 AM PDT by george76
The property tax bill on Jeff and Roberta Price's Lincoln Park home was about $400 in 1977, the first year they lived there. It's been going up ever since but rarely with the jolt of this year's 63 percent increase.
The increase, from $8,652 to $14,104, has the couple re-considering their plan to retire in the Kenmore Avenue home, where they raised their kids. They're looking at homes in Indiana "as a backup plan" for the time when Roberta retires in a few years, said Jeff, who is already retired.
"We have lived in our home for almost 39 years with the hope that we could remain here in our golden years," Jeff Price said. The increase in their tax bill amounts to about $454 a month, an amount that they can squeak out, he said, but he's aware that for homeowners who struggle financially, it won't be easy.
"I don't know how anyone can plan their life with these unconscionable increases," Price said.
(Excerpt) Read more at chicagobusiness.com ...
We used to have one here on Eglin, AFB. The prison was shut down about twenty years ago...........Prisoners would mow grass, clean trash from roads and trim the landscapes. Now they hire people to do it................
After every presidential election, they usually prosecute one or two people for doing the two state voting, just to show they can if they want to..................
I just got the bill for my square mile in Nevada. $36.60...
Its really the fruit of trading pensions for votes. Illinois gets things done by buying the public unions with sweet pension calculation deals. The press and the public can’t figure out how they are being taken. The stupidity of the Chicago Tribune really hurt Illinois.
The trouble is that in order to git, somebody has to buy. Selling under such oppressive taxation levels means current owners will have to take an insanely big haircut to be able to leave.
This is exactly what will happen. They increase property taxes because they think because the house can't get up and leave, people are trapped and must pay. No. Eventually people will abandon their properties and the land will be worthless.
But I’ll bet your house isn’t worth $2.5 million - right?
The sad thing is, they'll continue voting the same way in the new location, and it will eventually be as bad as the place they left.
This is not necessary the case for many of these city houses. You bought in 1972 for $45K, and its now worth $2.6 million. If the raise the tax, it might have to be sold for only $1.9 million, but you can still get out. The buyer will take the tax nto consideration, but the $700K reduction represents a flow of about $20K a year even at low interest rates, allowing the tax to be covered.
“Illinois is not broken, it’s fixed” - Dan Proft
It’s true, all the taxpayer’s testicles have been removed.
There are exceptions, but generally speaking if you pay $14k a year in property taxes you are out of your bloomin’ mind.
Some lovely places to live in this country where the proptax is under 1k. The money you save — an extra thou a month — can always be spent on something other than govt tribute.
Also known as the “White Privilege” reparation tax.
Rejoice in your tyranny.
>Why would anyone want to live there?
It’a fun, fun place to live - I know, I grew up in the area.
Well not exactly totally frozen but definitely slowed down.
reform, property tax value was rolled back and frozen at the
1976 assessed value level. Property tax increases on any given property were limited
to no more than 2% per year as long as the property was not sold. Once sold, the
property was reassessed at 1% of the sale price, and the 2% yearly cap became
applicable to future years.
I moved from the western Chicago suburbs to the gulf coast of the Sunshine State, the land of low taxes and beautiful weather. The property tax for my large condo on water with homestead exemption is $725 per year....and no state income tax or state inheritance tax. Plus few unions, so paying the costs of electricians and carpenters fixing things in your digs won't send you to the poor house.
Best move I ever made.
Leni
This is one of the biggest reasons that IL may wind up bucking trends come fall... Rahm has angered a lot in Chicago with scandals and this.... even for Chicago standards.. this may result in low turnout in Chicago in November in protest which may lead to Chicago not overpowering the rest of the state....
It may not play out that way, and may just do its traditional thing and Chicago will just completely overwhelm the rest of the state... but Rahm has created a mess... even by chicago standards it may wind up biting them in the butt.
Average of about .014% annual increase.
That’s nothing compared to Texas’ that goes up 10% each year. Ours have increased from the 1990s what amounted to 2 weeks income to 3 1/2 MONTHS today.
That’s one of the costs of “gentrification” and the regulations that go with it. There’s eventually a big price for being “all grandfathered in” and keeping the riffraff out.
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