"What all these taxpayers and communities have in common is being held hostage to a public pension system that is grossly overcommitted and ruinously expensive. 'Higher debt nearly always means higher property taxes,' says the report (from Cook County Treasurer Maria Pappas), 'whether those bigger tax bills come now or in years ahead.'"
Property tax rates in Cook County are at least 50% lower in Cook County ~2%) than in collar counties (~3%). Imagine how many prospective buyers are disqualified, when property taxes on a median price home take more than 9% of median household income (national average less than 4% of hh income to p-tax). Imagine the effect on local economy when discretionary income of most households is reduced by 5% more than almost every other American household. Where should households cut back in order to afford that extra 5% to pay property taxes? Not eat out? Skip college savings? Get rid… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Property tax rates in Cook County are at least 50% lower in Cook County ~2%) than in collar counties (~3%). Imagine how many prospective buyers are disqualified, when property taxes on a median price home take more than 9% of median household income (national average less than 4% of hh income to p-tax). Imagine the effect on local economy when discretionary income of most households is reduced by 5% more than almost every other American household. Where should households cut back in order to afford that extra 5% to pay property taxes? Not eat out? Skip college savings? Get rid… Read more »