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“The fallout of the office vacancies is reverberating everywhere,” says DePaul University professor Joseph Schwieterman. “There’s simply no way to have office building owners pay the same property taxes when building values fall in such a draconian fashion."
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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Chicago residential property owners, in the future, make sure you’re sitting down and taking a deep breath before periodically checking your new and improved property assessment. Similarly, I just heard from a suburban Cook County resident who was shocked as to how high his assessment increased. As most of us know, raising assessments is just one way for taxing bodies to increase tax revenue. After all, you can always appeal your new assessment and, perhaps, get a slight reduction. Other ways taxing bodies can increase your PT amount include increasing the multiplier value of a given line item of your… Read more »
Exactly, my EAV went up to 110,300 for the 2024 property tax year, the Lockport Township property Assessor told me there was a 11% increase based on the 3 years of sales. Even with my Senior Property tax exemption my taxes will go up 1,200 this is just absolutely sickening and disgusting. How many taxpayers in Illinois are aware as to how critical and criminal this is getting, people are going to loose there homes just because of politicians greed and Springfield positively don’t give a shit about you and me.
What an IL county thinks your assessed value should be is not as important as some may think. That’s because taxing bodies can play around with other input mechanisms, as I noted above. Therefore, be assured that, regardless of what your assessed value is, your IL county will ensure your PT bill will be sufficiently high to help feed the mismanagement/bloat machine. So, this PT scheme is an example of mismanagement actions to perpetuate … mismanagement.
If you look at historic data even during the housing crash operating income for the taxing bodies didn’t go down. They just raised rates accordingly. Your proportional share may have gone up or down but overall revenues stayed the same. The only way rates and taxes will go down is if the gvt bodies spend less, and good luck with that.
This might be a bit simplistic, but 1. It seems apparent to me that if your income goes down, you should be forced to adjust your expenditures accordingly. 2. Since property taxes are assessed on property value, if values increase, so do taxes. If values decrease, then so should taxes. Then, return to step 1.
It’s all a giant grift managed by nefarious creatures and blindly supported by summer school valedictorians, whose IQs aren’t even room temperature.
Didn’t Pat Quinn see to it that income taxes were raised 66%. In my humble opinion that’s right about the time everything first started coming off the rails.
You are watching the downfall of the City right before your eyes. It has been destroyed by the public sector worker and their outrageous benefits that no one can afford.
The DPU Proff says, “We’re a prominent global city….” Correction: Chicago WAS a prominent global city. Chicago is over, done, finis–send in the clown, Mayor Panic Attacks. The ex-gov, Quinn is now a mouthpiece for the RE Tax Scam Reduction crew. Again….OVER
I love the line from the professor who repeats the tired lie that Chicago is a “global city”. It’s not, that’s why they have to constantly repeat the lie.
A true world class city does not have to go around saying they’re a world class city, it’s self evident.
All the properties listed in the article should rip all the toilets out.
See how long they’ll get away with it, like governor WIDE-LOAD
So, obviously the next shoe to fall will be to watch Chicago home values to tank while prop taxes keep heading up……then CTU/Brando & crew will really be getten their— “systemic community disinvestment” BIG-TIME!!!!
Like something else, failed Dem policies roll downhill.
Reality starts to set in on the magnitude of destruction Pritzker and the Leftist Democrats have wrought. Of course, the cult of Leftist Democrats will never admit their malfeasance for the decline but blame PDJT for cutting the sugar off.
Where was it that I first read a long time ago that this would happen? Hmm, let me think.
It’s a good thing Mark. It’s giving the people what they wanted. We need to stop insulating voters from their decisions.
100%. The Dem voters will get it gooder and harder.
CapFax? lol
When they say equity they mean Your home equity. And they’re stealing it by transferring the city’s tax burden from the commercial buildings to your property, thereby destroying your home equity, after first destroying the commercial sector. See how this works? After destroying both of these, the commie will say “look at the good thing we destroyed” and then look for the next area to target: light industrial parks throughout the suburbs. You’re up next, Elk Grove!
It’s almost like Marxists are running out of other people’s money!