Cook County home values down 31%, property taxes up 22% since 2007 – IL Policy

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Rick
4 years ago

I downsized in 2012 to a nice ranch tpwmhome on a golf course. Sold a mcmamsion for 400k which is worth less today to the angel that came along and bought it, it had 10k property taxes. This townhome cost 140k but taxes are still 5k! A home is NOT an investment, nor should one prepay a mortgage to gain equity in the traditional manner. In Illinois you rent, even if you hold a mortgage you are really a renter. The property tax drag has already changed the landscape of everyone to renters. Downsize now, and invest any left over… Read more »

debtsor
4 years ago

Why is this a problem? State and local workers need their pensions! They earned it!

Illinois Entrepreneur
4 years ago
Reply to  debtsor

Ha! (Love the snark) The public employee unions will fight to the death for the pensions. This is their number 1 issue. They have probably told every legislator in their pocket that if they even hint at “pension reform” the unions will mount war against them with everything they have. Our legislators are petrified of the public employee unions, and there will be no crossing them. Public unions are the primary constituent for Illinois democrats. The media plays along, sympathizing that the tens of thousands of six figure earning public employees not receiving even COLA increases is “just not fair,”… Read more »

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