-- 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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McHenry County burdens its taxpayers with 3%-4%+ property tax rates: 150% to 200% of Chicago ‘s low 2% property tax rates. As a result, Our homes have lost significant value relative to homes everywhere else including Chicago. These obscene property tax rates and existence of crony-capitalist TIF have guaranteed that our region will see no contributory development for at least 35 years when TIFs expire. Chicago has maintained artificially high property values due to property tax rate suppression. They are right to be terrified of the effects of property tax rates of 3% and higher: high property tax rates have… Read more »
Very True! I believe that the primary cause of our very high tax’s is a direct result of voting for Ptell. We were promised that if passing ptell they could not raise our tax’s more than 5% or 1/2 of inflation whichever is less. Many said sounds good to me and passed it. What was not explained is when values go down they can still collect what was levied NOT billed or collected from the year before plus any tax incentive or abatement handed out was passed to taxpayers in the form of a higher tax rate. That included the… Read more »
When your property tax rate is at an obscenely high level, such as the 4-1/2 percent in your case, it’s hard not to move, especially when you think about what your money is paying for. At some point, even if you have family ties, a good job, or stand to take a loss in the sale of your house, you have to move for your peace of mind.