-- 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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PPF thinks taxes have to go much higher to support the overly generous pensions.
It’s worth noting condos pay a lower rate than SFH. They are only paying 1.6% where a SFH is assessed at 2.0%. Yet they go to the same schools, use the same roads, call the same PD/FD and expect the same level of service from the city. Homeowners could see a marked reduction in the property taxes if condo owners would start paying the same rate.
My research (based on small, statistically insignificant sample sizes) and experience in recent years indicate condos don’t pay lower PT rates than SFHs.
Go to cook county treasurer web site to see tax bill, then go to cook county assessor to see value for dwellings in your neighborhood. that’s exactly what I did before I made that post.
If you do the math by square foot SFHs are getting a bargin. Let’s just agree that property taxes in Illinois are high relative to the rest of the country.
Illinois highest taxes and not the Change of a Nickel. Overly generous pensions is the cause.
Taxes will double every 5 years for the next 50 years. The cash flow is so short taxes have nowhere to go but up, up and away. Want a Chitty of Chicago cop, call the Punta Gorda, Fl yacht club.
Illinoisans, you are tax mules for the public sector unions.
Vote with your feet and leave Taxistan!!