Chicago homeowners on the South and West Sides are bracing for huge property tax hikes, driven by surging assessments and government spending tied to pensions.
“Massive property tax hikes hurt Chicago’s low-income families – Illinois Policy”No, they won’t, they, higher property taxes, will reclassify them into an “exemption” program; as a little bird has told me.
It is an easy choice. Each person/family must decide if leaving and saving on taxes is worth it. Is saving a few bucks worth it to leave your family and friends behind? Can you continue your earnings in your new state or will you suffer a reduction in income? People decide this everyday and it seems that most people don’t think it’s worth leaving. As bad as Illinois is, it just doesn’t make sense for most.
PPF – I think you are missing the situation many people in the neighborhoods find themselves. Homes don’t sell easily as the retail market is thin. Investors at a steep discount may be the only option. They aren’t in a position to engage in a measured analysis. They are stuck, and the higher property taxes really negatively impact them. I don’t think intellectualizing the problem shines the right kind of light on the problem. And a high tax regime in these neighborhoods ultimately leads to vacant properties and blight such as one can see in Detroit.
Homes don’t sell easily? The time on the market in Cook County is around 55 days. Sure the market isn’t liquid like a stock but hardly difficult. Not sure where you are getting “steep discounts” as market prices in the Chicago area, prices continue to climb. In the last 5 years prices are up 35-45% in the area. If you can’t wait 55 days to sell and collect your money from your higher priced home, then you have bigger problems than high taxes. I get that I take a logical approach to how someone should approach their financial situation but… Read more »
It’s not so hard to leave family and friends when most of them have already left. I’m paying $10K in RE taxes vs $3K for equivalent housing in SW Michigan. $7K when living on SSA is not just a few bucks. One year savings pays for the move. The second year pays for the closing costs. Year 3 and after is pretty much gravy.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
“Massive property tax hikes hurt Chicago’s low-income families – Illinois Policy”No, they won’t, they, higher property taxes, will reclassify them into an “exemption” program; as a little bird has told me.
Stay and Pay
Leave and Save
An easy choice IMO!!
It is an easy choice. Each person/family must decide if leaving and saving on taxes is worth it. Is saving a few bucks worth it to leave your family and friends behind? Can you continue your earnings in your new state or will you suffer a reduction in income? People decide this everyday and it seems that most people don’t think it’s worth leaving. As bad as Illinois is, it just doesn’t make sense for most.
PPF – I think you are missing the situation many people in the neighborhoods find themselves. Homes don’t sell easily as the retail market is thin. Investors at a steep discount may be the only option. They aren’t in a position to engage in a measured analysis. They are stuck, and the higher property taxes really negatively impact them. I don’t think intellectualizing the problem shines the right kind of light on the problem. And a high tax regime in these neighborhoods ultimately leads to vacant properties and blight such as one can see in Detroit.
Homes don’t sell easily? The time on the market in Cook County is around 55 days. Sure the market isn’t liquid like a stock but hardly difficult. Not sure where you are getting “steep discounts” as market prices in the Chicago area, prices continue to climb. In the last 5 years prices are up 35-45% in the area. If you can’t wait 55 days to sell and collect your money from your higher priced home, then you have bigger problems than high taxes. I get that I take a logical approach to how someone should approach their financial situation but… Read more »
It’s not so hard to leave family and friends when most of them have already left. I’m paying $10K in RE taxes vs $3K for equivalent housing in SW Michigan. $7K when living on SSA is not just a few bucks. One year savings pays for the move. The second year pays for the closing costs. Year 3 and after is pretty much gravy.
The state experienced a net domestic out-migration of 56,235 people.
Higher taxes and less people to pay them. Good luck with that plan.