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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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$25,000 a year in property taxes for Navarro? Painful. Thing that got me was he expects his property taxes to be lower in Fl. I’d want to know they are, not expect they are.
High real estate taxes, combined with population loss and some buyer preferring to stay in Chicago, have literally decimated the suburban real estate market. If our region’s population was growing, there would be demand for these homes, but in an area with declining population, it’s a buyer’s market.
https://www.chicagobusiness.com/residential-real-estate/house-sold-less
People have no idea hat Florida has a home residing killing tax rate that’ll make people think and say. “Oh, I didnt know! when the tax bill arrives.. Go figure
What’s a home residing tax rate?
A real estate transfer tax?
If so that’s a tax incurred when buying or selling a home, not an annual tax.
Property taxes in Florida are less than property taxes in Illinois.
Better question is “Who will buy my house?” . Glad I don’t have to worry about that anymore …..but can tell you people from Wilmette to Lake Bluff are certainly worried that’s for sure . The music has stopped and no more chairs are left on the northshore.
Someone will buy these homes, because it’s probably one of the nicest, most desirable areas to live in the state, maybe even the midwest. It’s just too overpriced in the era of high property taxes, declining population and a preference for city living. But the demand will pick up with lower prices. I like to look at Detroit as an example, the city was burning and the state was hollowing out, and literally entire blocks of the city was abandoned; but cross over the invisible line into the gross pointes and demand was still strong, albeit at much, much lower… Read more »
Yea there are buyers for these homes the closer to city the more buyers but your house better be updated turn-key ready. Otherwise your looking at 30-40% low balls ….that’s the reality talk to any realtor in those area. In Colorado a low ball is 3-5% of offer price anything less and you are not getting calls back .
The amount of money people are losing on intitial purchase price plus renovations plus taxes is freaking staggering on the northshore right now and will accelerate
Yeah, the north shore is hurting for sure, as is nearly everywhere in Illinois (except the West Loop and Logan Square in Chicago), but the north shore has been overpriced for a long time, and there just isn’t enough demand anywhere in IL to support those high prices. However, there are plenty of other places in IL demand is near zero – Rockford,Peoria, Calumet City, Ford Heights, Harvey, East St. Louis, and so on. Many properties they can’t even give away for free because the neighborhood is terrible and the taxes are outrageous. I guess my point was that the… Read more »
Agree with you D . The sad part is many people on northshore can take a huge hit on their property with Reno and taxes and be fine. Everyone else can’t and that is the real tragedy of these insane policies that the reptiles have rammed down . Why ? Just to protect the pensions . No one represents the taxpayer in IL …no one