-- 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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Governments job is to extract as much money for the honest working taxpayer as possible. They are doing their job as intended. Love it or leave it, is the only choice. Illinois is going to be a net looser of population for years to come. This is not going to end well for the people who stay.
That entire block saw 50% valuation increases, at least.
It took me less than 60 seconds to verify this woman’s claims. Her valuation went from $105,150 in 2020 to $260,000 in 2021, thereby increasing her tax bill from (after HE) $1,651.31 to $4,558.65. That’s quite a jump. And it doesn’t make any sense in that neighborhood either, sandwiched between Austin and Humboldt Park.
My valuation went up 53% this past time around. If my taxes go up 53%, I’m screwed. We’re all screwed.
You’re only screwed because you refuse to leave Illinois.
There are consequences for your choice to stay. One of them is being financially ruined and facing homelessness.
They should have been paying more all along. Only paying $1500 per year? It’s about time everyone starts paying their “fair share”.
PPF, you think nothing of that lady paying $400 per month to live in her probably paid off home. Since she has been there 21 years she probably is senior citizen on a fixed income. My place in Bowmanville is now twice that but don’t ask me what I get for $800 per month to live in my paid off rehab. Property taxes are now doubling every 9 years. It is financially impossible for me to be paying $16,000 per year in property taxes in 2031 even though at one time I was a man of means. I suspect most… Read more »
Oops, math mistake. At this rate of increase my property taxes would be $19,200 per year!
My point is that every time someone under pays, everyone else over pays. In my opinion property taxes are the worst form of taxation. It has zero connection in ones ability to pay. So in that regards I feel for all homeowners. If we are going to pay them though, then I want everyone to pay their fair share. $1500 a year while others are paying 5, 10 or 20+k per year isn’t fair no matter how you cut it. Maybe people will finally support an income tax increase in exchange for property tax relief. If not, then you better… Read more »
PPF is nothing but a leach on the unborn next generation. Stealing from babies should be outlawed. No pension should be more than the maximum Social Security payment at age 67, full retirement. Fair is fair.
It may help if everyone paid their fair share but in Rockford there are many homes that pay next to nothing and some just nothing. With many homes on the west side valued at only $30K or less the homeowners exemption brings the value down to $12K and if a senior another $5K they pay nothing.Total $11K on one third value = zero. I’m surprised they don’t get a refund for living there. Some homes (across from public housing) pay $98 per year or $8.16 per month and they get the exact same services I get paying over $7,200. There… Read more »
Income tax trade-off for property tax relief would require Springfield to send the money back to local municipalities after collecting it. I just don’t see that happening. Any extra income tax money Springfield collects from New Trier will be redistributed to Harvey, and the legislature will pat themselves on the back for being Robin Hood. Harvey’s unionized teacher class will get millions more dollars with no improvement and new trier will have less.
Friend over in Lakeview had his go up 30% and my old condo in Oriole Park went up 38%. You can’t threaten to sell your place and move because nobody in their right mind will buy it.
These are the good times, just wait and see what is waiting for you in the FUTURE. PPF and the likes of him are out to destroy you and your family’s economic welfare.
Pam, you being taxed right out of your home is the fundamental transformation BO was talking about a while back but is being continued by today’s pols.
Note: Your experience is different than the fundamental transformation the other Pamela Anderson received during her Bay Watch career but probably more expensive long term!
To everyone who complains about property tax increases:
If you answered ‘yes’ to those questions … you got what you voted for.
If not, consider leaving Crook County/Illinois where your vote doesn’t matter.
Stupid chickens.