Why Are Property Tax Rates 90% higher... (Chicago: apartment, lease, HOA)

[4everMissouri]

Some states like to milk you dry.

[MKTwet]

You are free to leave the state. We can complain about high price of gas or food, do something about it than just complain.

[jasperhobbs]

Originally Posted by MKTwet

You are free to leave the state. We can complain about high price of gas or food, do something about it than just complain.

Bullseye!

[Cool Arrow]

Originally Posted by Sunbiz1

...than Kentucky?
I just looked at some really nice homes not far across the Illinois border, homes that are valued the same as my current, only nicer homes on bigger lots. I also visited the area while boating on Kentucky lake, met with local residents; most of which originally are from or near Chicago. Upon my return, I've been asking everyone what services we receive here that warrant my $5,000 as opposed to $500?, and even the former HR director in Berwyn cannot provide me an answer.
Gasoline is $1 less down there, while wages are almost the same as Illinois on similar occupations.
And the homes are 30% less in Kentucky, people generally friendlier than here.
Illinois, including Chicago; is overrated, as you simply don't receive value in return.
Why?, where could all this money possibly be going?

Taxes are too high in Illinois. Despite that I'd pick Illinois over Kentucky any day of the week.

Kentucky is ranked 48th in Life expectancy, ranked 5th poorest state,

[Sunbiz1]

Originally Posted by MKTwet

You are free to leave the state. We can complain about high price of gas or food, do something about it than just complain.

https://www.nbcchicago.com/illinois-...stand/2992769/

I do try, voted against this one; only the fact it's so close indicates too much corruption and ignorance to overcome.

[RisingAurvandil]

Taxes are high here. Although they are a bit lower Downstate. Generally, real estate tax is the worst offender. Gas taxes are also high. Real estate taxes are high because there is no taxpayer protection (e.g. no TABOR or Hancock) and no budget protection (long-term obligations...bonds and pensions).

It's not all bad though...

- IL does not tax retirement income.
- IL does not have personal property taxes.
- No grocery taxes.
- Incomes are higher than every surrounding state. This is certainly true in my field (project management), especially in Chicago.
- My utility rates are cheaper here vs my property in MO.
- The state implemented Tier II pensions, which represent a significant long-term improvement to pension obligations.

[Kraftask]

I remember back when Illinois started taxing mobile homes 10 years ago. It was like a big middle finger to lower income folks trying to get ahead.

[Hiruko]

Wages across the United States are not disparate enough to account for the cost of living. This is why there was a robust trend of relocation out of high-cost urban areas for lower-cost ones at the height of the pandemic. For most highly educated professionals, the salaries and wages for their profession are fairly uniform across state lines and metro areas. In fact, counterintuitively, many professionals like physicians and surgeons earn higher incomes in less expensive, less desirable, and more rural communities. Salaries for those jobs are often lower in New York, Chicago, LA, etc. than they are in Lexington, KY, Great Falls, MT, etc.

[GraniteStater]

Originally Posted by 4everMissouri

Some states like to milk you dry.

Missouri is also consistently rated below average as well, it doesn't do anything well- it has different negative problems compared to Illinois.

[Sunbiz1]

Originally Posted by MKTwet

You are free to leave the state. We can complain about high price of gas or food, do something about it than just complain.

I did do something about it, and the food prices as well; by stocking up.
But the reality is, there are many not as fortunate as I; and are simply not able to relocate to other states.
Of course, some of these residents were foolish enough to use their own homes as cash stations for businesses; or even vehicles they could not afford.
Even when you're smart with finances, owning property in Illinois vs. renting is about equal...unless you are forced to replace a sewer line. Then renting is cheaper, as it generally takes many years for homes to appreciate enough to offset the high taxes and maintenance costs of owning.