-- 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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It is time to put HONESTY into assessments, Just assess at market value, not 33% or 10% . Then tax rates will need to be adjusted and become HONEST.
One of the main reasons for the high property taxes and tax rates is Ptell (property tax extension limitation law) or tax caps which is not entirely true. With Ptell if property values go up the taxing bodies are limited to 5% increase or 1/2 inflation whichever is less. In the cities mentioned property values have gone down which in turn the taxing bodies can get what was levied (not billed or collected) from the previous year plus the 5% if inflation was 5%. So if property values decline by 50% across the board in one year the tax rate… Read more »