Chicago homeowners are likely to see average property tax bills rise between $72 and $180 based on the city’s new budget. Higher taxes are driven by $47 billion in pension debt, but pension reform can change that.
Illinois missed the September deadline to repay a $4.2 billion federal unemployment loan. Employers warn inaction by state lawmakers could ‘cripple’ businesses and the COVID-19 economic recovery.
Property taxes keep going up, but services aren’t improving. Paying more and getting less is a trend that residents want to see reversed.
The Windy City tied with four other major cities as imposing the nation’s second highest sales tax on residents among 124 considered. The report warns the city’s new status could be costing Chicago businesses their competitive edge.
Automatic transfers into Illinois’ rainy-day reserves could help when another fiscal crisis similar to COVID-19 happens.
Gov. J.B. Pritzker has added more than $5.24 billion in new or higher taxes and fees since taking office. Despite all that new revenue, the nation’s highest taxed state remains a fiscal mess unable to balance a budget for 21 years.
State revenue losses around the country have ranged from far less than expected to non-existent. Fiscally healthy states are giving back to taxpayers. That doesn’t include Illinois.
With billions in federal COVID-19 relief earmarked for Illinois schools and local government, Gov. J.B. Pritzker pushed them to use the money to lower or freeze property taxes. He made no mention of the state’s role in pushing property taxes to the second-highest in the U.S.
“High and growing property taxes here tend to depress home values.”
Illinois is again delaying the sale of the Thompson Center state office building in Chicago, which was neglected until the state could no longer afford to fix it. The state’s new delay is to take advantage of zoning changes and in the hope office space prices rebound.
Fiscal watchdog Truth in Accounting’s July 2021 report showed the Windy City’s pension-fueled debt rose by $2.3 billion from 2019 to 2020 despite receiving substantial federal aid during the pandemic.
Illinois drivers now pay the second-highest taxes on their gasoline in the nation, a new survey found. Before the state doubled the gas tax, Illinois ranked much lower.
Out of 150 cities, Chicago came in almost at the bottom when the quality of city services and the total budget per capita were ranked, confirming what most Chicagoans already knew.
Gov. J.B. Pritzker said he achieved a balanced budget each year he has been in office. Not true, according to official state comptroller financial reports. Illinois budgets have been in the red for 21 years in a row.