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Property Tax Crisis in Illinois
Like a fierce thunderstorm with tornado-force winds, the property tax system in Illinois forces tax payers to take cover wherever they can. Insurance companies scramble to avoid paying claims after a major storm is like JB and his super-majority refusing any and all discussion of property tax reform. In late May before the state budget was finalized, there were several good proposed bills to address property tax reform, some were bipartisan. At the last moment, Democrats decided not to advance any of those bills to the floor for even a discussion, let alone an up or down vote. They all died!
More and more taxpayers are taking cover by trying to get classified as “disabled” or seniors qualifying for an assessment freeze. That makes perfect sense in a system where your tax liability grows quickly each year and your budget does not. It won’t be long before we are all “financially” disabled! The state continues to under-fund our local taxing bodies and they have allowed numerous separate line items for “pension” expenses the past few years. Businesses like Rivian and wind and solar farms were built using taxpayer dollars. When do any of them start paying their “fair share” of property taxes? Promises were made but not kept.
What happens if you are 40 and face a life threatening illness such as cancer that wipes out your finances? Too bad in Illinois, you may also lose your home on top of all that. You get no exemptions, (other than the homestead), and add to that the added hardship at tax time.
Some suggestions for immediate relief could be to raise the Homestead exemption from $6k to $10k, the senior exemption from $5k to $10k and raise the income limitation for the senior freeze to around $90k+ from the current $77k. Neighboring states have a 1% cap on property taxes. If your home assesses for $400k then your tax bill cannot exceed $4000. That $400k home in McLean County, with only a homestead exemption, has an average 2.5% tax liability for a $10,000 tax bill. Even if the liberals in Springfield set a higher 2% cap on Illinois property taxes, that tax bill would be $8000 on a $400k home. Whatever, it is high time we ALL got a break with property taxes.
The tax system in Illinois is complicated by design. Fingers get pointed in all directions. The truth is that Democrats control ALL the statewide elected offices in Illinois. Property tax reform can only happen in Springfield, which is dominated by the Democrat super-majority. JB promised property tax reform when first elected. After 8 years of increases, that promise is still unfulfilled. Local taxing bodies need to do better also, but they use the perimeters set by state statute.
When a tornado approaches, many of us head to the basement for cover and safety. Much the same way, many voters in Illinois head to the basement on election day hoping for the best. That will not work here. JB could not care less. If left unchanged by the voters in November, and after another 4 years of relentless tax increases by those in power, your finances will look like the aftermath of a direct hit from an F5.
Underdog Darren Bailey could at least start a “climate change” discussion of property tax reform in Illinois. Time for a fresh opinion and a set of listening ears for the overburdened property taxpayers in our state! A “financial” F5 is headed our way on November 3rd. Will you be in the basement or at the polls?
Come on Carl, just go to work and continue to pay your property taxes so the illegal aliens can continue to get free Education, free Social SERVICES, free healthcare etc, etc. Sometimes you’ve got to dig deep. As politicians continue their acting careers and pass legislation that actually hurt the Taxpayers while voters play dumb, the beatings will continue! For instance, my House Rep Mike Coffey wants to play pretend. He masquerades like he’s working for the Taxpayers while he voted yes on SB 1817, It targets landlords who refuse to rent their property to an illegal aliens. They can then be charged with a Human Rights Violation. Mike Coffey thinks you should aide and protect illegal aliens. How Constitutional is that? But he masquerades like he’s doing good things for you because you haven’t seen his Voting Record! But now you know.
Thanks for sharing Carl’s editorial. I hope to attend his next session on property taxes.
“The state continues to under-fund our local taxing bodies ”
I somewhat have to disagree with this. They all have a spending problem and a bloated number of full time employees which increases the pension liability.
What did the Heyworth school district spend to put astroturf on their football field? Well there you go a good example. It has nothing to do with reading, writing, science, and math. The Superintendent the last I looked is being paid more than surrounding school districts. How many imbecile board members approved that? The next replacement will want even more!
Then to add more misery the voters approve tax increases when they should push back and vote down increases until the taxing body comes up with alternatives for less funding.
Yes it is a combination of local taxing bodies being underfunded by the state and their own limitless overspending. I was told it cost an additional $60-$80k to finish the HHS stadium with turf vs grass. Might have been a better long term decision. Time will tell.
One of the bills that did not get considered in Springfield last May was to require taxing bodies to place requests for major spending increases on November general elections ballots rather than spring elections where very few vote. That would be a huge check on local taxing bodies. Another would require districts to get the approval from voters after a bond issue matures rather than allowing a new refinancing for additional projects.
I am looking forward to the October 7th seminar on taxes. I learned a couple things myself at the last one. I am never done learning about this complicated system!
Here’s a simple request. Print out Carl’s article and give it to your friends, neighbors, and family who don’t vote. See if this would change his or her mind. Offer to take them to the polling location to vote.