Illinois and other states which allow county governments to keep the money after seizing and selling homes to satisfy unpaid property taxes, will need to rewrite their laws to come into compliance with the Supreme Court’s ruling that such practices violate the U.S. Constitution, say the lawyers from the Pacific Legal Foundation. But even if the state changes the law immediately, local governments in Illinois could also face the risk of lawsuits from former homeowners and others demanding refunds for the money pocketed from past tax sales
It’s not just the tax sales which contribute to theft of equity it’s the high property taxes themselves that lead to loss of potential gains in equity. Theft of Equity by excessive taxation should be a crime. My home value in Rockford has gone nowhere from $185K in 2007 wait a moment to a whopping $211K in 2023. A whole $26K in 16 years or $1,625.00 per year. Yippee! In the meantime I pay on average over $7K in taxes or $112K total since 2007. In most other parts of the country with low taxes property value skyrocketed so selling… Read more »
your dime, your dance floor
3 years ago
A decision that has been long overdo.
Last edited 3 years ago by your dime, your dance floor
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.
It’s not just the tax sales which contribute to theft of equity it’s the high property taxes themselves that lead to loss of potential gains in equity. Theft of Equity by excessive taxation should be a crime. My home value in Rockford has gone nowhere from $185K in 2007 wait a moment to a whopping $211K in 2023. A whole $26K in 16 years or $1,625.00 per year. Yippee! In the meantime I pay on average over $7K in taxes or $112K total since 2007. In most other parts of the country with low taxes property value skyrocketed so selling… Read more »
A decision that has been long overdo.