Illinois property taxes
Illinoisans’ property taxes could increase 5% starting in 2023 as local governments consider raising rates by the maximum allowed level to offset losses from decades-high inflation. Truth in Accounting founder Sheila Weinberg said Illinois experienced 7% inflation in 2021, the highest level reported since the state instituted a property tax cap in 1991. The Property Tax Extension…
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It’s election season in Illinois, and politicians are running on the promise of property tax relief as usual, including every major candidate for governor. Illinois’ property taxes are already the second-highest in the nation and a major reasontaxpayers are fleeing to lower-tax states. That problem could be made worse on Nov. 8 when voters will be asked to decide…
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Illinois property taxes have far outpaced household incomes and home values since 1990, a Wirepoints analysis shows. Tax bills per household have grown 268% since 1990, while average home values have grown 114%. According to the nonprofit Wirepoints, the average household now owes nearly $4,400 in residential taxes each year, up from $1,200 in 1990.…
Read Full Article November 22, 2024
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