Case Shiller: Chicago Area Dead Last In Home Price Appreciation – ChicagoNow

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Rick
7 years ago

Look on the bright side, lower home prices mean lower property taxes, no?

Mike xyz
7 years ago
Reply to  Mark Glennon

More accurately, the amount of revenue they want to raise, which is typically more than they need to raise.

Mike xyz
7 years ago

“Compared to last year the nation’s single family home prices rose 6.5%…”

“…the 20 metro area composite rose 6.8%.”

“…the Case Shiller Chicago index was only up 2.8% which put the Chicago area in last place among the 20 metro areas…”

No mention in the article that this month 3 economists employed by the the Chicago Federal Reserve proposed a 1% statewide property tax to fund the five Illinois STATE pension funds (that doesn’t include LOCAL pension funds) which they project would result in property values decreasing by 20% before eventually recovering.

https://wirepoints.org/chicago-feds-answer-for-illinois-pension-crisis-is-a-statewide-property-tax-wirepoints-original/

https://wirepoints.org/chicago-fed-team-proposes-perhaps-the-dumbest-solution-yet-to-the-states-pension-crisis-crains

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

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.

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