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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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When houses sell they are based upon the house meeting certain inspections. Instead of adjusting the sales price they issue credits for repairs to the buyer. Keeping the sales price high keeps the real estate agent happy as their commission is based upon it. The seller is happy because they got their price, the buyer is happy because they got that credit and the lender is happy because it all fits the valuation. The loser is the one having this house used as a comparable when assessing their house’s fair market value. I finally bit the bullet, got a house… Read more »
Shut up and pay your taxes. Taxpayers were put on earth to pay, pay and pay. Illinois is living proof of that.
My one year increase was over 25% – for a modest home.
URBAN DOOM LOOP: Democrat Led Cities Like Chicago Are In A Death Spiral, As Population Loss/Remote Work, Business Closures, Downtown Disinvestment, Rising Crime, Loss Of Tax Revenue, Failing Transit, And Lower Quality Of Life Make Democrat Cities Unlivable – New York Times
As Proft says. How much worse does it have to get? Worse…
Still half of Rockford’s taxes. We were at over 5% of value for a few years and now around 4%. Chicago is around 2% of value if you look at Zillow. A $1M property in Rockford pays around $40K. Very little appreciation in home values in Rockford except for the last 2 years so when Chicago taxes are over 4% they can be as upset as I am about the taxes. We all know where 60% of the taxes go to.
Yup. Several years back Chicago’s rates were significantly lower than many other communities, including its suburbs, and that got the attention of Chicago politicians. So they decided to let the increases rip.
Same with parts of Lake County and McHenry County, which are well over 3%. Don’t feel bad at all for Chicago residents as they continually vote, almost in unison, for politicians who cause this cr_p.
You have an incredibly high threshold of pain. Even two percent is way too high. Many other states are around one percent.
I paid $1,900 on my Tennessee home valued at $300,000 on Zillow. My similar value home back in Illinois now has taxes of almost $8,000.
Folks, this means that residential property taxes will double in 9 years.