According to a new analysis prepared exclusively for Crain's by the Mansueto Institute for Urban Innovation and the Center for Municipal Finance at the University of Chicago, the property tax bill paid by the average Chicago homeowner could rise hundreds of dollars a year as office tower owners pay less because of the depressed value of their property. Homeowners effectively would pick up a bigger share of the tax load.
Ted joined Shaun Thompson to talk about about the Chicago Teachers Union’s absurd new contract demands, why so many Chicago teachers are chronically absent, and Brandon Johnson’s failed first year as mayor.
What a representation of Chicago’s plight.
The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
The Wall Street Journal Editorial Board cited Wirepoints’ analysis of Chicago student proficiency data in their latest piece condemning the Chicago Teachers Union’s outrageous contract demands…all while a vast majority of Chicago’s children graduate unable to read at grade level.
Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.
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Inevitable
… until the homeowners can’t or won’t pay. Value of residences will decline as taxes increase and increasing numbers of the owners will be under water with diminished incentives to make mortgage and tax payments. Looks to me with a downhill train that’s lost its brakes. Just over 120 years since the Wreck of the Old 97.
With my downstate jitters in high gear hoping that there is not some sort of statewide tax or fee hikes devoted to the mess that is Chicago.
Chicago is rotting from the inside out
It’s not “could”– it is “how soon?” Aon Building just sold for 47 percent of what it was worth only 4 years ago. Every banker, broker and property manager in town knows the drop is going to be at least 25 percent or more across the board for most commercial assessments. Time to unload your condos in Chicago right now.
But the mayor has promised no residential property tax increases! I suspect that this is a promise he simply cannot keep under any circumstances.
Mayor BJ can’t even balance his own check book.
Higher prop taxes coming for all Sheeetcago property owners.
Bend over, grab your ankles and kiss your a__ goodbye!!