Illinois Property Taxes Growing 6x Faster Than Incomes
Illinoisans deserve security when deciding to invest in a home and put down roots in our state, but growing property tax burdens are robbing them of that security.
We’ve been told for years to pursue the American dream of homeownership, but today, thanks to our political leaders in Springfield it is becoming a nightmare. Seniors on a fixed income are being forced to leave the homes they’ve raised their families in and the communities they know because property taxes are too high.
Property taxes in Illinois grew six times faster than household income
During the Great Recession years from 2008-2015, Property taxes in Illinois grew six times faster than household income.
From 2008-2015, the average household income grew by 7 percent, but average property taxes paid grew nearly 48 percent, according to data from the U.S. Census Bureau.
Higher property taxes are causing a decline in returns on investment in home equity in Illinois. The average return on investment in home equity increased 14 percent over the Great Recession years in Illinois, but from 2014-2015, the return to home equity actually decreased by 2.4 percent.
Some studies argue ‘effective property tax rates’ are declining in Chicago and across the state, however, these studies don’t tell the whole story.
The effective rate is a percentage of a property’s value – either its assessed value or its estimated market value – paid in property taxes during a given year. These values are often distorted, as was found in a recent report by the office of Cook County Assessor Joe Berrios.
The real property tax burden should also account for how much the tax constrain a household’s budget and affects families’ economic decisions.
Illinoisans deserve better
I love our community and our state. I’m raising my three children here and building my life and business here. But every time I look around, families are leaving for places where they don’t have to pay sky-high property taxes.
During the Great Recession years from 2008-2015, property taxes in Illinois grew six times faster than household income. The average household income grew by 7 percent, but average property taxes paid grew nearly 48 percent, according to data from the U.S. Census Bureau.
If paying the high taxes weren’t enough, higher property taxes are causing a decline in returns on investment in home equity in Illinois. This means the one thing homeowners could depend on in the past (their home equity) is being taken from them bit by bit.
One of the main reasons I am running for State Representative is to lower our property taxes.
As a DuPage County Board Member, I’ve held our tax levy flat by implementing governmental reforms like joint procurement, shared services, and consolidation.
I will bring these same types of reforms to Springfield, along with the courage and experience to implement them.