Illinois is headed for disaster and I don't want to be here for it (Chicago: violent crime, bankruptcy)

[damba]

Originally Posted by madpaddy

On a 68 year old, 1200 square foot, 2BR/1BA home on .14 acres of land? With a Senior Citizen's Homestead Exemption? In the highly average suburb of West Dundee? I find that onerous, even as a (down-state) Illinois resident. People from many other states would find that downright insane.

Or course, people living in lower COL areas, including downstate IL, may find that bill on the high side.

What number is more appropriate to you that would also fund schools, local services and pay teacher salaries?

[flamadiddle]

Originally Posted by damba

Or course, people living in lower COL areas, including downstate IL, may find that bill on the high side.

What number is more appropriate to you that would also fund schools, local services and pay teacher salaries?

IMO, we need to cap at 1% of home value to compete with Indiana. For example, a $500K home would have $5,000 per year property tax bill.

[damba]

Originally Posted by flamadiddle

IMO, we need to cap at 1% of home value to compete with Indiana. For example, a $500K home would have $5,000 per year property tax bill.

The biggest problem is that such modest bills would not cover the costs of schools and services.

Also, the notion of ‘capping home value to compete with IN’ is not so cut/dry.

[lepoisson]

Originally Posted by Mathguy

They tried to reduce pensions, it was ruled unconstitutional.

I guess it will eventually get to the point where there are zero funds available and they cannot raise taxes any more, then pensioners will be SOL.

They won't touch the sales tax as Chicago already has the highest sales tax in the country. They'll keep increasing the property tax and introduce new taxes until they no longer can.

[damba]

Originally Posted by lepoisson

I guess it will eventually get to the point where there are zero funds available and they cannot raise taxes any more, then pensioners will be SOL.

They won't touch the sales tax as Chicago already has the highest sales tax in the country. They'll keep increasing the property tax and introduce new taxes until they no longer can.

That’s why they would be smart to negotiate a slight reduction now vs waiting until it is insolvent.

[madpaddy]

Originally Posted by damba

Or course, people living in lower COL areas, including downstate IL, may find that bill on the high side.

What number is more appropriate to you that would also fund schools, local services and pay teacher salaries?

Where I live, that house with a Senior's exemption would probably be taxed at $1000 a year or less. Our schools are rated substantially better than West Dundee/Dundee, and we have ample local services.

I get that COL is higher in the Chicago metro, but properties values and average salaries aren't anywhere near 4x higher.

[ipkl07]

As a last resort could try to legalize all drugs and tax it heavily as legalizing weed only probably won't be enough. Could put the Illinois tollway in the sky as well as roads and make all the planes get I-Pass lol. Don't have the answers, but there's things to try and toy with!

[damba]

Originally Posted by madpaddy

Where I live, that house with a Senior's exemption would probably be taxed at $1000 a year or less. Our schools are rated substantially better than West Dundee/Dundee, and we have ample local services.

I get that COL is higher in the Chicago metro, but properties values and average salaries aren't anywhere near 4x higher.

The real world doesn’t work like a fairy tale, unfortunately. Expecting very disparate areas of a large country to be precisely the same, especially economically and culturally, is quite myopic.

[goillini8]

Originally Posted by damba

That’s why they would be smart to negotiate a slight reduction now vs waiting until it is insolvent.

They haven't done that with Tier 1, but don't the different tiers represent reduction in spending on pensions? I know this doesn't come close to fixing the problem, but, in theory, there's supposedly a light at the end of the tunnel. Of course, the tunnel is 50 years in length and Illinois will find a way to block the exit.

[mwj119]

Let's humor this: What are the most notable things that folks from Chicagoland love about the area?

-Wonderful public transportation
-Great public schools (very regional, not across the board)
-Very clean and well kept
-Incredible state funded entertainment and space (museums, parks)

The list can be drawn out deeper, but let's keep it there for sake of discussion.

When I see folks on this thread talk about the property taxes, the income taxes, and under the same name boast about Chicago's offerings, it makes my head spin. Sure, a lot of that money falls to poorly run inner city initiatives. Yes, corruption is embedded in local and state government. So, be pissed about that, but you cannot complain about the cost and then love the amenities they provide. Chicago, and more broadly Illinois, are very much run democratically. Government is highly involved, for the good, and the bad.

I've heard Chicagoans, throughout life, talk about other areas of the country in a negative light. "Eh, that place has no public transportation." "I wouldn't want to live there, it just seems dirty compared to Chicago." "Meh, there's so much more to do in Chicago. Look at the parks, the beautiful waterfront, the museums."When I was in Glenview, I'd hear residents complain about "crook county", and then move on to talk about how excellent the schools are. They'd talk about their trip to NYC, and how it's really unkempt by comparison, and then go on to talk about how clean the area is. We'd be in the Boston suburbs for a visit, and our Midwest family would be shocked when not all of the streets within a 60 mi radius of downtown Boston had street lights every .0005 miles. "It's so dark compared to Chicago."

To come full circle, the areas taxes are among the highest because the expectations are high. It's a nice area for a reason. If true change comes, it will be by lowering some of the public's expectations and acting on it. Lower teachers salaries from $125k to $95k in those north shore communities, and lessen the per student expenditures from $26k to $18k. Spend less on the aesthetics of the city, and more on correcting the budgetary misalignment. Rather than continuously investing in the river walk, use the funds for south side educational initiatives. Re-purpose all of the money attained by the influx of tourism for tax exemptions on companies in verticals that are causing rapid growth (namely bio/R&D/tech).

I know that not all of these ideas area realistic, but the point remains. Chicago, and it's people, need to refocus.