The Wall Street Journal Editorial Board cited Wirepoints’ analysis of Chicago student proficiency data in their latest piece condemning the Chicago Teachers Union’s outrageous contract demands…all while a vast majority of Chicago’s children graduate unable to read at grade level.
Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.
What a representation of Chicago’s plight.
The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
Ted joined Jeff Daly to discuss how politicians can never spend enough on education despite there being no accountability for that spending, the growth of education staffing across Illinois, Mayor Brandon Johnson’s $1 billion demand for Chicago schools, why Gov. Pritzker is providing $830 million in taxpayer subsidies to struggling EV carmaker Rivian, and more.
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This amounts to a penalty on anyone who actually wants to use the building, or a subsidy to anyone who wants a lot of vacant buildings. It’s a good illustration of the benefits of a land value tax, which would remove this penalty. That said, obviously taxes overall are too high, and lots of articles here at Wirepoints have discussed the reasons and suggested remedies.
The end game is to punish property owners for not recognizing “what the market will bear” and leasing their properties at a cost where they lose money.
And how did we get here, to the point where property values are so unhinged from reality? I’d argue you have to go back the disgusting bailouts of 2008, the insane CMBS purchases by the FED and even more criminal run up in prices between 2000-07 fueled by Wall Street ponzi schemes. This is one of those topics I have to place equal blame on the R and D parties. They both feasted and looked the other way for the last 20 years, blowing bubbles and wrecking the main street economies. The very people who exhort the free market everyday… Read more »
Isn’t this all on the path to socialism/ communism,all property is publicly owned. Make it too hard and not worth it to own property
for the left there could never-ever possibly be any correlation between outrageous high prop taxes that predominantly go to fund the upper income salaries and retirements of are pubic sec heroes and all the stuff they complain about–community disinvestment, food deserts, systemic racism, etc? Just more “free stuff” is the answer
Dream on! Your relief is the honor of being relieved of your bank account! FU Pay Me! Providing tax relief is the third rail of politics. It’s popular with chumps, but nobody of account wants to give.
It’s not just a commercial property issue, its an industrial property issue too. A vacant store front or stripmall in a neighborhood is blight, but vacant light industrial buildings are also blight as going rents often aren’t enough to cover the taxes. It’s difficult for sellers to sell smaller industrial buildings because few banks will finance the sale and the sellers are stuck financing the sales themselves. https://www.propertyshark.com/cre/commercial-property/us/il/rolling-meadows/3660-edison-pl-1/ $700,000 for 1.13 acres of industrial property in Rolling Meadows. The assessed value is only $385,000 despite the $700k asking price. The taxes? $45,000 last year. That’s because the property is vacant.… Read more »
https://www.propertyshark.com/cre/pdfs/2CDC6275-A948-4BDE-B210-6BA506F76374
Vacant rehabbed industrial space in Maywood. 10,000 sq feet for $475,000.
Taxes? Last year, vacant, $12,199.30
Taxes in 2019 before the tax reduction? $34,279.93
Any buyer is looking at $3,000 a month just in taxes before even paying the mortgage.
This is why so few businesses choose to open up in cook county and communities with industrial parks are suffering.
how about this one?
https://www.propertyshark.com/cre/commercial-property/us/il/des-plaines/110-s-river-rd-1/
$1,950,000 for 1.78 acres
Taxes in 2019? $78,091.74 Reduced to $72,000 in 2020.
Anyone who wants to open a business here is paying $$$$$ just to buy the building and pay the $6,000 a month in property taxes. The kind of money it takes to open any kind of small industrial business is just so expensive that no one wants to do it. Who in their right mind would do this?
If I’m not mistaken those properties you listed are located in a Ptell county whereas the slight reduction in taxes are distributed to all other property owners in the form of a higher tax rate so the towns do not lose any property tax revenue.
We all know where 60% of those high taxes are distributed to. No need to mention where.
Not to mention St Charles Road through the ‘Woods is in baaaad shape.
which makes the $34,000 in property taxes even more ridic!