Near the end of his term, former Chicago Mayor Rahm Emanuel endorsed a constitutional amendment to control the pension problems of the city and state. Local governments across Illinois have pension debt worth $63 billion that causes property taxes to rise each year.Ĭhicago Mayor Lori Lightfoot has called for change and highlighted the seriousness of the pension problem but stops short of offering a specific plan. The city’s eight pension funds have accumulated nearly $45 billion in debt, more debt than 44 U.S. Of the nearly $94 million current property tax increase for the city of Chicago, $42.5 million of that revenue will be used to make up shortfalls in pension funding. Pension debt is driving those high tax rates. The first installment of property taxes were due March 2 and came on the heels of an October report showing Cook County property taxes grew at roughly three times the rate of inflation from 2000 to 2020. High property taxes are an issue statewide, but Cook County property owners have especially felt the issue lately. If you rent, she said your monthly payment likely absorbs a portion of the landlord’s property taxes. While homeowners are feeling the squeeze, the increases also affects the 36% of households that rent in the U.S., said Stephanie Leiser, lecturer in public policy at the University of Michigan’s Ford School. When each state was ranked by taxes on their own median value house, Illinois came in at sixth highest. Despite this lower median home value, Illinois is also home to higher average property taxes: $4,419. While the median home value nationally is $217,500, the median home value in Illinois is lower: $194,500. The state’s finances are a mess … The backlog of the pension fund is draining the state and the solution … is long term and complicated.” “Our property taxes have increased, at a rough guess, by about 15%. McDonald said since 2012 he’s seen his taxes rise too quickly in the Springfield area. The savings would be $915 in Wisconsin, $2,831 in Missouri, $1,535 in Iowa, $3,076 in Kentucky and $1,599 in Michigan. A move to Indiana would save an Illinoisan $3,089 in property taxes on that $217,500 house, based on WalletHub’s data. The state just saw its worst year of population loss since World War II. Illinois is surrounded by states with lower property taxes, a driving factor behind Illinois’ continued population loss. The new survey found Illinois property taxes $237 higher than in the 2020 survey. This is the fourth year Illinois has ranked second-highest in the WalletHub survey. “The difference was about two and a half times what I had been paying in central Kentucky. McDonald, who moved to Springfield in 2012 when he married his wife, Nancy, a lifelong Illinois resident. “The first property tax bill I opened was sticker shock,” said retiree Jerry R. That’s a tax each year of 2.27% of the house value, according to the 2021 state rankings by WalletHub. median valued home of $217,500 – exactly double the national average.
Illinois homeowners average $4,942 in property taxes on the U.S. Illinois again ranked second for highest property tax rates in the nation in 2021, behind only New Jersey. That’s a tax each year of 2.27% of the house value, according to the 2021 state.
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