Illinois Proposes Plundering Homeowners to ‘Fix’ Pension Problem

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Illinois has the highest property tax in the nation, with an average of 2.67%, and as high as 5% in some areas, yet the Federal Reserve Bank of Chicago proposed an additional 1% rate hike to cover the state’s underfunded pension problem. Any improvements to one’s property would increase the tax rate, a policy well designed to cause homes to fall into disrepair. The new tax would push down the price of homes, thus punishing current homeowners. Even so, the revenue would help only five state pensions, while 650 county and city pension funds remain to be ‘fixed’. [God help property owners in Illinois.] -GEG

An audible gasp went out in the breakout room I was in at last month’s pension event cosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years.

Evidently, that wasn’t reality-shock enough. This week the Chicago Fed published that proposal formally. It’s linked here.

It surely ranks among the most blatantly inhumane and foolish ideas we’ve seen yet.

Homeowners with houses worth $250,000 would pay an additional $2,500 per year in property taxes, those with homes worth $500,000 would pay an additional $5,000, and those with homes worth $1 million would pay an additional $10,000.

Is the Chicago Fed blind to human consequences? Confiscatory property tax rates have already robbed hundreds of thousands, maybe millions, of Illinois families of their home equity — probably the lion’s share of whatever wealth they had.

Property taxes in many Illinois communities already exceed 3%, 4% and even 5% of home values. Across Illinois, the average is a sky-high 2.67 percent, the highest in the nation.

In south Cook County they already average over 5%. Most of those communities are working class, often African-American. The Fed says maybe you could make the tax progressive by exempting lower values, but that’s very difficult to do and, if you did somehow exempt the poor and working class, the bill pushed to the others would be astronomical.

Those rates have already plunged many communities into death spirals, demanding an immediate solution, but the Chicago Fed apparently wants to pour on more of the accelerant.

Read full article here…

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James
James
2 years ago

The first question People of the great State of Illinois should be asking is who is The Civic Federation and why are they and the Federal Reserve Bank of Chicago proposing tax increases. Is there still representative government in Illinois? You know who will win this battle—the government employees. This type of scenario will outplay in every state. Promises made to public employees in every state are under funded. We have unwittingly created a special class of people called public servants. who are protected by unions. Who are the servants now? You guessed it—the property owners. I agree with Ed.… Read more »

Mark Are
Mark Are
2 years ago

Soon the REASON the 2nd amendment was placed in the Constitution will become obvious to the tyrants in “control”.