-- 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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Woodstock IL has a property tax rate of 3.6% of full fair market value (effective tax rate).
This anomalous high tax rate, which has persisted over 15 years, has greatly depressed home and land values over 2 decades (with the slight exception of TIF properties which have benefitted at the expense of all others).
School board and municipality overspending for benefit of inner circle are the core cause of this problem.
Not exactly true. The taxes as a percentage is the average but many homes have low values especially on the west side. I saw one home across from public housing that pay $98.00 per year or $8.16 per month (maybe no one lives there but not sure). When you include the $6K homeowners and $5K senior deductions that greatly reduces the tax burden of a $40 or $50K home. Other homes in the same area pay $700 (some zero) or so the % of taxes to value is very low but in many areas on the east side close to… Read more »