-- Connecting the dots between our economy, government and business --
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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“Hatton, who has lived on Plymouth Drive in Markham for 17 years, later said she’s been “awake every night scared” about how she will manage her bill that increased from $2,200 to more than $6,000.”
It would be interesting to go thru this tax bill line by line to see what has increased and by how much. I bet a lot of the blame falls on local politicians in the community and the financial decisions they have made while in office.
It wasn’t hard to find her tax bill, the formatting is bad with the cut and past but you can figure it out Total 2023 Tax Bill $6,011.92 $3,796.47 MORE than 2022 Taxing District 2023 Tax 2022 Tax Difference City of Markham $2,593.26 $1,003.59 $1,589.67 More Prairie-Hills School Dist 144 (Markham) $1,582.38 $590.94 $991.44 More Bremen Community HS Dist 228 Midlothian $1,069.57 $367.84 $701.73 More Markham Library Fund $172.61 $66.70 $105.91 More South Suburban College 510 (S Holland) $167.28 $55.20 $112.08 More Markham Park District $114.24 $44.49 $69.75 More Metro Water Reclamation Dist of Chicago $108.27 $29.66 $78.61 More County… Read more »
My previous comment went into filter with a copy of her tax bill but this lady did get completely scre****d. Her assessed value more than doubled from $6,133 to $13,720; Her equalized value jumped from $17,931 to $41,384; and her homeowners exemption inexplicably decreased from $2,793.40 (which seemed high) to $1,915.60. Her tax bill went from $2,215.45 to $6,011.92 in one year. There’s no senior exemptions, only homeowners exemptions from 2022 to 2023. Every line item on her bill went up 2.5x. Interestingly enough, the City of Markham is the largest portion of her bill, roughly 40% of her bill.… Read more »
Of note, her 2022 bill BEFORE homeowners exemptions was $5,008.85 and her 2023 bill BEFORE homeowners exemption was $7,927.52; so that’s a huge jump in one year regardless, with the large reduction in her HE exemption adding another thousand or so to her current bill. Is it really any surprised that an avvowed progressive Assessor, with no real primary or general election opposition, is completely incompetent at his job? Progressives are always incompetent, and this guy majorly screwed up these south suburbs. But when it comes time to vote, They Always Vote Blue No Matter Who! Bremen Township (Where Markham… Read more »
I am in agreement politically and philosophically with most of what you post on WP but you are missing a very important part of the problem here. Taxing bodies are limited by PTELL to what they can increase their levy year over year by the lesser of 5% or CPI. So for this levy they are limited to a 5% increase in their levies. The problem is that the valuations for residential properties significantly outpaced the valuations for commercial properties. A taxing body is limited to the dollar amount they can levy in the aggregate. So, for example’s sake, if… Read more »
I hear what you’re saying but Assessor Kaegi in 2023 assessed at more than double the previous year’s value in 2022. Her tax bill is a result not of the tax rate or levy increasing. Her tax bill doubled because Kaegi doubled the value of her property in one year. Her assessed value more than doubled from $6,133 to $13,720. If you want to get even further into the details, the assessor nearly tripled her value by giving it a $15,000 total AV for 2023, which was reduced on appeal by the Board of Review down to $13,720. It wasn’t… Read more »
Not 100% sure but if her value doubled and she is under ptell jurisdiction the tax rate should go down because of the 5% limit. Now if her property is only one of a few that increased maybe that can be justification of the increase. If values doubled across the board they should be limited to the 5% cap. To be sure you can check if other properties that have been valued at her price now and see what they pay. So at $146K what have other people paid? Here in Rockford and Belvidere home values increased across the board… Read more »
I just checked. Other homes valued around her value are paying $5,500 or so for $140K to $150K. Homes based on a similar value pay close to $6K. There were a few at over $8K at approx $200K value similar to Rockford. She may have purchased a distressed or bank owned property and paid taxes based on the lower value. Here in Rockford many people who bought foreclosure homes after 2008 paid less in taxes but after the triennial reassessment the homes were valued at market prices and comparables.
Thumbs up. It appears she’s been underpaying for years compared to her neighbors because she’s been under assessed. This of course begs the question why $6,000 real estate tax bills are the norm for $140k or $150k houses in Markham. That’s insanity, it really is.
It is and was the norm here in Rockford for decades. When home rule was here a long time ago taxes were raised on a regular basis. Then home rule was abolished under the pretense of voting for ptell (and being duped) in the 90’s it was conveyed as keeping a check on taxes due to the 5% cap but was never told the downside that taxes will never go down from the previous year regardless of home values. Add in the People who Care discrimination lawsuit which cost taxpayers another $250M which started busing kids from one side of… Read more »
Considering that Rockford voted for Joe Biden D+74 in some precincts, they’re merely getting the Democracy they wanted.
https://www.nytimes.com/interactive/2021/upshot/2020-election-map.html
Haven’t these folks learned yet that when their taxes soar, they can hire someone connected to the people that had them raised and pay them the difference to fix the problem? Babes in the woods…
Outstanding work debtsor. I know it was a lot of work and is appreciated. There are sharp people on this site. It’s to bad the majority of the states voters are clueless, a big advantage for Democratic machine.
Goon, why so glum with the thumbs down. The majority of the state will vote blue regardless of who runs. Just keep reporting back to your bosses and you can keep your job.
How many of the people complaining ever voted for a democrat? I guess they bought the line that democrats were about helping average Americans. Too bad.
“… I’m heartbroken, she said.” I’m sure when Kaegi reads that, he’ll pull back these draconian increases. After all, he didn’t want to break anyone’s heart. He only wants to do what’s fair.
Nothing like a two-by-four over the head; in this case, a giant PT increase, to remind taxpayers what happens when states/counties/municipalities grossly mismanage taxpayer money. This runaway spending ain’t free.
The Dems will just put out a political add saying it’s the Republicans and orange man bad and they will check the “D” box.