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Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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What the value of the home is now was not mentioned. All she said it was less. By how much is important. What is the percentage of taxes to value? The fact is that the value went down and taxes went up does not bode well for housing prices down the road. She is in a Ptell county and when values go down tax rates go up to compensate the lower EAV. This is why taxes are so high in Rockford. Higher taxes lower value lower value higher taxes because Ptell rules states that taxing bodies cannot get less then… Read more »
This is a rehashed article from 18 months ago Freddy. in March of 2020 the article stated her home value had declined to 215k.
Thanks. That helps.
So in 2004 her taxes were $7800 and now they are just under 10K. Her total property taxes have been increasing at a rate that’s less than 1.5% per year over the last 17 years. I’m surprised they have gone up so little. Just because her property value went down doesn’t mean the cost of police, fire, schools, snow removal, etc… have gone down. I am sympathetic to people being unable to afford their home because of property taxes and would welcome relief. In order for that to be accomplished, the voters of Illinois need to grow up and demand… Read more »
Where is the ‘reduce’ expenses portion of the solution? You seem to have forgotten that.
Sure let’s reduce expenses. How much and where? You can’t cut pensions. How about medicaid? Nope. What about education? Health and Human services? Voters won’t like that. Did you cut 6 or 7 billion from the budget? No??? Then more taxes are needed.
Senior exemption. According to the source article, she’s now over 65. Considering how high her assessment was in 2004, I’d wager her house was new construction, so she took an even bigger initial assessment than other Matteson homes.
PPF, I’ll save you some time.
Matteson homeowner, these teacher unions have a CONTRACT! It doesn’t matter if you lose your home while they drink fine red wine and dine on ribeye steak! They have a CONTRACT! And you will pay your last dime to them! That is enshrined in the IL State Constitution, they made sure of that. But it is the voters’ fault. Democracy, majority rule don’t you know?
When will you get that through your thick head??