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Due in large part to the recent decimation of commercial property values in Chicago's urban core, the median residential tax bill in the city this year rose by 16.7% to $4,457
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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The 16.7 percent increase in Chicago residential PTs wasn’t due to property reassessment, right? It’s absolutely amazing what City of Chicago bloat can devour at any time for any reason.
It’s not only in Chicago bloat and high property taxes are across the entire state of Illinois
Higher taxes and lower services. This is the game plan going forward. More and more people will flee the area, and taxes will go even higher for those who choose to stay. Over 40% of Chicago’s budget goes to debt payment and pensions (legacy costs), so you know taxes will not go down anytime soon.
Higher taxes for the good citizens of Chicago – Cool!
They seem to like them so who are we to say otherwise.