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A vicious cycle is set in motion. Homeowners can't fully pay their property taxes, leaving municipalities deeper in debt, which results in service cutbacks. Dissatisfied residents leave, and businesses that lose clientele shut their doors.
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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It’s called the blue handle tax, QUIT pulling it!
Property tax rate= levy/EAV. High tax rates=lower EAV (because: property across America offers similar socially mandated services at costs within the means of the taxed community; economic law of tax rate capitilization indicates lower values). TIF=High tax rates. (because: rate=numerator (levy) divided by denominator (taxable property value). TIF by definition creates artificial low denominator over 35 or more years of inflation.). Levy=spending by taxing bodies legally entitled to seize property if levy unpaid. EAV=artificially manipulated evaluation of taxable property values (see TIF, Pritzker toilets, see Madigan Inc. assessment appeal industry). Status quo=taxpayers willingly, willfully ignorant of levy process and unwilling… Read more »
If the property taxes are not paid, the back taxes are sold at auction. However, the real estate values are so low in these communities, investors won’t buy. As a real estate appraiser for over 30 years, with lots of experience in the Southland, I can tell you that the average IQ of the residents of these communities is well under 100.
You can’t get blood from a stone. In many cases these homeowners do not have the funds to pay these insane property taxes, so now what? Do these towns want to see property fire sales, or abandonment? There’s no long term strategy with these municipalities. Another nail in the coffin for this state and more people moving out. It was avoidable but the difficult decisions weren’t made years ago, and now it’s too late.
Exactly right. Most of them simply don’t have that kind of money there to use.
Articles like this really make me angry. Not because taxes are high, these people voted for Kaegi with D+90 margins. What makes me angry is the absolute lies that this is about race. The article gives lie and after lie that Black communities are taxed at higher rate. The article never says Why a almost county run by Blacks with Black leaders would go out of their way to overtax Black people. It literally makes zero sense. Why would a country run by Blacks want to tax poor Black people the most taxes, especially when they have the least amount… Read more »
And the moral of the story is Springfield doesn’t give a damn
I am not a fan of Kaegi but you are not understanding what he is trying ot do. He is fighting the powers that be in his own criminal party at the Board of Review. His office has made plenty of mistakes in assessments and his roll out of a new software system caused the huge delay in the second tax bills going out a couple of years but the Board of Review has been the main culprit in putting a dispropotionate share of the tax burden on residential property to the benefit of commercial properties.
What he’s trying to do and what he did are two different things. His reassessments raised taxes on south suburban homeowners by massive percentages. Because he’s an incompetent progressive who promised revolution, I mean reform, of the system, and no on is surprised it turned out to be a complete disaster. Mao decided 20 years into his dictatorship that he too needed a cultural revolution and ‘reformed’ the government leading to tens of millions of deaths. He resorted to blaming sparrows for eating the seed as the cause of massive crop failures and famine. Just like Mao, Kaegi is blaming… Read more »
Sorry, but you are wrong on this. The data shows that the Board of Review is the main culprit here…by a huge margin. If all homeowners assessments rise because recent sales have led to increased home values across the board and there were no appeal reductions everyone’s property taxes would have generally risen about 5%, assuming all the taxing bodies raised their levies by the maximum amount of 5% on the tax capped funds. Because the Debt Service Funds are NOT tax capped that part of the levy can exceed 5% and therefore the total levy for that taxing body… Read more »
I’m understand now this works with the assessed values and the tax attorneys. But I’m not following where I’m wrong. Again, I might be wrong, as I admit I frequently am (I once said Tom Dart was the only white countywide elected official and I was clearly wrong about that); Kaegi increased assessed values across the board but the BOR reduces commercial property owners assessments, which then puts more of the tax burden on residential owners. If I saw some numbers for this, which I quite frankly don’t have time today to research, I would admit I’m wrong. But let’s… Read more »
A vicious cycle? No. It’s the cycle you voted for by voting for democrats/ You low functioning slaves bought the BS and now you are reaping the reward. Enjoy.