Illinois Bankruptcy Bailout/Tax Burden (Chicago, Skokie: credit, houses, neighborhood)

[My Kind Of Town]

Originally Posted by MovingForward59

Until you can not physically pay them anymore as they continue to soar.
Check back with us in 5 years and see how much your property taxes have increased.
Oh and don’t forget the SALT deduction is capped at $10,000.

My RE taxes in Hinsdale literally decreased over the 10 years I owned there. Just bought a home in Elmhurst late last year and my RE taxes for the current period dropped slightly from the previous year. Stop with the fear mongering. Although I may be the exception, even though I imagine there are others who have also seen a decrease over the past decade, the overall increases in residential RE taxes in this state have not been increasing at an exponential rate as you seem to imply.

[MSchemist80]

You are an exception. I am also in DuPage York township and since I purchased my home they have attempted to raise it 13% every year and I am forced to appeal and they drop it to a 10% increase. You should see the hatred spewed towards the govt on Nextdoor whenever an appealing your taxes thread starts up or the anguish and desperation from some of the residents who are struggling more and more to afford it.

[MovingForward59]

Originally Posted by My Kind Of Town

My RE taxes in Hinsdale literally decreased over the 10 years I owned there. Just bought a home in Elmhurst late last year and my RE taxes for the current period dropped slightly from the previous year. Stop with the fear mongering. Although I may be the exception, even though I imagine there are others who have also seen a decrease over the past decade, the overall increases in residential RE taxes in this state have not been increasing at an exponential rate as you seem to imply.

And you do not speak for others.
The vast majority of people myself included have experienced rising property taxes in the past 10 years.
What the majority is experiencing matters much more than your lucky exception experience.

[My Kind Of Town]

Originally Posted by MSchemist80

You are an exception. I am also in DuPage York township and since I purchased my home they have attempted to raise it 13% every year and I am forced to appeal and they drop it to a 10% increase. You should see the hatred spewed towards the govt on Nextdoor whenever an appealing your taxes thread starts up or the anguish and desperation from some of the residents who are struggling more and more to afford it.

You are also an exception.

https://www.dupageco.org/Treasurer/1865/

“I understand that the average tax rate is down 1.59% with the average bill up 2.21%. Remember this is an average, so it may not be your experience.“

[My Kind Of Town]

Originally Posted by MovingForward59

And you do not speak for others.
The vast majority of people myself included have experienced rising property taxes in the past 10 years.
What the majority is experiencing matters much more than your lucky exception experience.

https://www.dupageco.org/Treasurer/1865/

Residential property tax bills in DuPage County went up an average of 2.21% last year?!? Omg, they’re soaring!! Pretty soon you won’t be able to afford them if they go up another 2.2% for each of the next 5 years!!!

[SLKNWJXNQ]

Originally Posted by RisingAurvandil

I've never worried too much about the pensions. They have been reformed and the savings will become apparent as retirees pass. Food for thought: Even the Illinois pensions are better funded than Social Security, which is essentially a paygo system.

I've lived in a few states, and the only big outlier I've seen in Illinois is higher real estate taxes. Oddly enough, the state of IL gets a bad wrap for taxes, but real estate taxes are entirely a local affair. The state does not levy any real estate tax.

Perhaps it is worse in some areas, but where I own property in the Metro East, I am only paying $2500 in real estate tax on a $100k home. Sure, the percentage rate is high. But buying in another state to save $1000 wouldn't be worth the hassle to me. Especially considering that property taxes are deductible against both federal and state taxes.

Well you have a home that is worth 100K. The taxes are dependent upon the value of the home.

I have looked on some of the real estate websites at tax history on some of these homes. Ive seen homes worth 230k with 10K in taxes. Thats insane.

[RisingAurvandil]

Originally Posted by MovingForward59

Until you can not physically pay them anymore as they continue to soar.
Check back with us in 5 years and see how much your property taxes have increased.
Oh and don’t forget the SALT deduction is capped at $10,000.

To counter the fear-mongering, I will provide my specific numbers. I realize that everyone has made different economic choices and their results may vary.

My taxes were $2250 in 2014. They are $2500 today. Not a huge increase. And with income taxes hovering around $5000, I am well under the SALT deduction. Furthermore, with the standard deduction being raised to $25000, I have actually seen a net tax reduction because it is no longer necessary to itemize the return.

Originally Posted by SLKNWJXNQ

I have looked on some of the real estate websites at tax history on some of these homes. Ive seen homes worth 230k with 10K in taxes. Thats insane.

Yes, that is an insane tax rate. I'd actually question how such a house is still worth 230k? Who is buying into that situation?

I have never seen tax rates that high around here (Madison County). Not even close. A few folks pay close to 3%, but that is on the higher end.

For the record, I don't ever vote for real estate tax increases. Mostly due to principle, not my specific situation. They are high in Illinois and the state needs to implement some safeguards. At least require a majority vote for increases. But I don't have much hope for that.

[My Kind Of Town]

Originally Posted by SLKNWJXNQ

Well you have a home that is worth 100K. The taxes are dependent upon the value of the home.

I have looked on some of the real estate websites at tax history on some of these homes. Ive seen homes worth 230k with 10K in taxes. Thats insane.

I don’t know where you are looking or what your budget is but as I said earlier in this thread I would focus on finding an older home in a great area. Something like the home below. You will often find that their property taxes are very reasonable unless it’s a large old house. But anything below 2200sf and older typically has a very reasonable property tax bill.

https://www.redfin.com/IL/Elmhurst/1...V9IckxhOVNKV1Y.

[MovingForward59]

Originally Posted by My Kind Of Town

https://www.dupageco.org/Treasurer/1865/

Residential property tax bills in DuPage County went up an average of 2.21% last year?!? Omg, they’re soaring!! Pretty soon you won’t be able to afford them if they go up another 2.2% for each of the next 5 years!!!

Nice denialism there. Oh and last time I checked Dupage County isn’t the entire state.

[SLKNWJXNQ]

Originally Posted by My Kind Of Town

I don’t know where you are looking or what your budget is but as I said earlier in this thread I would focus on finding an older home in a great area. Something like the home below. You will often find that their property taxes are very reasonable unless it’s a large old house. But anything below 2200sf and older typically has a very reasonable property tax bill.

https://www.redfin.com/IL/Elmhurst/1...V9IckxhOVNKV1Y.

https://www.zillow.com/homedetails/8.../3533289_zpid/

https://www.zillow.com/homedetails/1.../4771399_zpid/

https://www.zillow.com/homedetails/9.../4767671_zpid/

Here are some examples. Look under tax history.

The house you posted claims they paid 7,500 in taxes for 2019 and 2018. Do you think that is reasonable?