Normal/Bloomington, Illinois

[TomDewey123]

You will probably think I'm fabricating this, but we live in a $180,000 home and only pay $500 a year in property taxes. I imagine that's the difference in living in a low tax state. The property tax will definitely be a major difference. Thanks again for the info.

Originally Posted by cuja1

I'm not sure. I live in Springfield. My house is appraised at around $80,000 and I pay about $1,200/year. My parents have a house appraised around $200,000 and I think they pay about $4,500/year.

[martowski]

No problem at all.

Property taxes and state income taxes are on the higher side in IL. For example, in the Bloomington Area you could probably expect to pay around $5,000 - $8,000/yr in property taxes on a $200,000 home (just estimating here).

I will admit that while IL is home to me, IL has its financial challenges despite having higher taxes.

[reneeh63]

Originally Posted by cuja1

I'm not sure. I live in Springfield. My house is appraised at around $80,000 and I pay about $1,200/year. My parents have a house appraised around $200,000 and I think they pay about $4,500/year.

Property taxes are high...I can confirm that your parents' is representative of the going rate. That's not high compared to Chicago but it's high for any other place in the state and the country except for California and the Northeast.

[damba]

Originally Posted by TomDewey123

You will probably think I'm fabricating this, but we live in a $180,000 home and only pay $500 a year in property taxes. I imagine that's the difference in living in a low tax state. The property tax will definitely be a major difference. Thanks again for the info.

Ouch. This will be quite a jump for your budget. You will be paying ten times as much as in NC

[Absodamnposilutely]

One plus to Illinois - no personal property tax (i.e., automobiles, trailers, etc.). That helps a bit.

[damba]

Originally Posted by martowski

No problem at all.

Property taxes and state income taxes are on the higher side in IL. For example, in the Bloomington Area you could probably expect to pay around $5,000 - $8,000/yr in property taxes on a $200,000 home (just estimating here).

I will admit that while IL is home to me, IL has its financial challenges despite having higher taxes.

IL's flat state income tax isn't horrible. My friends living in urban areas of CA, NJ and NY all get body slammed by comparison . Obviously everyone's 'net' will be quite different.

My biggest problem is how our lovely state leaders <ahem> spend this money. The tax rate is fine.

[KK2020]

Thanks for sharing your positive experience! I'm considering relocating to the area and this is helpful. I hope you continue to enjoy the benefits of your move.