39 Comments - OutOfState - Friday, Jun 21, 19 @ 11:08 am: ===you’ll see tax rates actually went down as property values soared=== Unless there’s a really big levy increase, rates will go down proportionately when property values increase. Since the levy and the values determine the rate, it’s not actually too helpful to look at the rate. Looking at the changes in the levy and the regional values is more informative. - Steve - Friday, Jun 21, 19 @ 11:10 am: Chicago homeowners face higher property taxes and higher gas taxes at the pump. The good news is only a small percentage of people will be getting a state income tax increase according to JB. That’s a lot of tax increases in a short time. - 47th Ward - Friday, Jun 21, 19 @ 11:20 am: I just want to thank Peter Roskam, again, for eliminating the State and Local Tax deduction. Did he ever move back to DuPage, or is he still hiding from his neighbors back in DC? - Jibba - Friday, Jun 21, 19 @ 11:21 am: There are downstate communities paying more in property taxes for homes that have much lower assessed value. To me, it seems like there is a lot of room for needed increases to get operating funds for schools and city govt. - Michaelangelo's Dog - Friday, Jun 21, 19 @ 11:25 am: ==There are downstate communities paying more in property taxes for homes that have much lower assessed value. To me, it seems like there is a lot of room for needed increases to get operating funds for schools and city govt.== Only if you want to encourage folks to move to the suburbs where they don’t need to consider private school options (and the crime rates are lower). - SAP - Friday, Jun 21, 19 @ 11:30 am: Wow, as a Sangamon County resident I can only marvel at how low residential property tax rates are in Cook County. That $298,250 home in my neighborhood would pay over $7,500 in property tax. - Jibba - Friday, Jun 21, 19 @ 11:32 am: McDog…see any possible connection between paying low property taxes and the poor state of Chicago Public Schools? - huh? - Friday, Jun 21, 19 @ 11:34 am: ==Only if you want to encourage folks to move to the suburbs where they don’t need to consider private school options== as elsewhere when paying property tax (2/3 of that bill goes to public schools anyway) & and if paying additional $ for in-city private school; then they already have incentive to move to suburbs… - Pick a Name - Friday, Jun 21, 19 @ 11:35 am: Any of us middle class people who think you will have more disposable income over the next 3.5 years, well you are dreaming. - Michaelangelo's Dog - Friday, Jun 21, 19 @ 11:46 am: ==as elsewhere when paying property tax (2/3 of that bill goes to public schools anyway) & and if paying additional $ for in-city private school; then they already have incentive to move to suburbs… == Agreed, parents in Chicago with school age children (or slightly younger) are watching everything very closely now. The spikes in violent crime on the north side coupled with cuts to policing are also causing concern. It will be very interesting when upscale Chicago neighborhood property taxes start to equal or cost more than upscale suburban property taxes. I wouldn’t be stunned when realtors step up their marketing efforts to attract Chicago families to the suburbs using better schools, lower crime and lower taxes advertising. - Lucky Pierre - Friday, Jun 21, 19 @ 11:56 am: I just want to thank Peter Roskam, again, for eliminating the State and Local Tax deduction. It wasn’t eliminated it was just capped at $10,000 which would increase the tax burden on the wealthy and upper middle class. With the lowering of the rates most people did just fine but cap is supposed to create pressure for efficiencies and consolidation on local governments Isn’t that what Democrats want? How about some consistency 47th? When Republicans raise taxes not he wealthy they have to “hide from their neighbors” but when Democrats do the same its noble - foster brooks - Friday, Jun 21, 19 @ 12:01 pm: A North Sider who owns a single-family home with an average market value of $298,250 will pay an average of $5,213 in property taxes this year … their getting off cheap compared to the burbs - Anon Y - Friday, Jun 21, 19 @ 12:18 pm: A North Sider who owns a single-family home with an average market value of $298,250 will pay an average of $5,213 in property taxes this year … their getting off cheap compared to the burbs; That amount is a lie, I haven’t paid 5,213 in over ten years try over 10,000 with no yard and 3 bedrooms and that average market on the north side does not exist. - JB13 - Friday, Jun 21, 19 @ 12:29 pm: Only $5200 a year? Just a hunch, but I think all the good progressives on the city’s North Side wouldn’t mind paying a bit more yet. Fair share, and all, you know? They definitely voted for this, in more ways than just backing Mr. Kaegi. - Harpy - Friday, Jun 21, 19 @ 12:30 pm: Shed no tears. Decatur 189K Tax 5,700. - Original Rambler - Friday, Jun 21, 19 @ 12:36 pm: PAN, maybe less disposable income but better infrastructure and a reduction in the $40,000 public pension debt we are each accountable for. It appears you don’t think that exists or you just plan on passing it along to the next generation. - Demoralized - Friday, Jun 21, 19 @ 12:46 pm: ==but when Democrats do the same its noble== But, but, but, but . . . You really are forever the victim - anon2 - Friday, Jun 21, 19 @ 12:59 pm: A home worth $298,000 in Schaumburg or Lombard pays a lot more than $5,200 a year. Double. - Benniefly2 - Friday, Jun 21, 19 @ 1:03 pm: Still cheaper than Dupage. - Chris - Friday, Jun 21, 19 @ 1:13 pm: “it’s what they voted for” Speaking for myslef and those I talked to about it, I think that we voted against Berrios’s corruption, knowing the likely cost. We didn’t vote *for* the cost. - Looking down the Road - Friday, Jun 21, 19 @ 1:14 pm: –the new figures could pose a real political dilemma for newly installed Mayor Lori Lightfoot– Its going to be interesting to see how Lightfoot crafts “progressive” taxes without hammering the more affluent homeowners and businesses. These increases will happen before the vote on enabling graduated income taxes. It will be interesting to say the least. - Jibba - Friday, Jun 21, 19 @ 1:29 pm: With assessment shenanigans and differences in services and % commercial land, it is probably hard to compare different cities. However, when the city is in debt, the schools are failing from underfunding, plus the actual amounts collected are far below other jurisdictions, I think it is easy to say Chicago does not collect enough property tax. - Louis - Friday, Jun 21, 19 @ 1:44 pm: Real estate taxes are getting out of control now even in Chicago. My tax bill increased 20% this year alone. CPS has more than enough money to educate, the problem is the union has a desire to be a social service agency in addition to an education agency. Spending per student is increasing at an alarming rate as the student population dwindles. - Michaelangelo's Dog - Friday, Jun 21, 19 @ 1:44 pm: Not sure where this mythical $298,250 single family home resides on the north side of Chicago? Can some one identify a property or neighborhood where $300K is the norm? $300K is what many pay for 1 bedroom condos on the north side. Single family homes south of Andersonville and Lincoln square typically start at $800,000 and get pricier as you head into the Gold Coast and Loop. - Rich Miller - Friday, Jun 21, 19 @ 1:56 pm: ===Not sure where this mythical $298,250 single family home resides=== It’s the average - 47th Ward - Friday, Jun 21, 19 @ 1:57 pm: LP, the SALT cap was designed to punish larger states like Illinois, New York and California. It was an intentional swipe at blue states and Roskam led the charge. He knew it would be worse for Illinois and he did it anyway. Also, LP, those tax cuts are costing us $1 trillion per year. When Democrats take over and Republicans remember how much they hate deficits, Democrats will do the right thing and roll back the corporate giveaways. I’ll accept your apology then. - Michaelangelo's Dog - Friday, Jun 21, 19 @ 1:58 pm: ==Its going to be interesting to see how Lightfoot crafts “progressive” taxes without hammering the more affluent homeowners and businesses.== Another problem is that pension debt and social equity campaign promises may prevent most (or any) of the revenues generated from tax hikes on affluent households from being spent in their affluent neighborhoods. - SSL - Friday, Jun 21, 19 @ 2:15 pm: I don’t think the federal tax cuts cost a trillion a year. They were projected to cost a trillion over ten years. Still real money, but a big difference. The Chicago property tax increase isn’t Roskam’s fault. Neither is the gas tax increase. But if you want to blame Roskam, be fair and blame him for the 1.5 billion in extra revenue for Illinois that resulted from the strong economy. Without that, JB was going to kick the pension can down the road. - City Zen - Friday, Jun 21, 19 @ 2:18 pm: ==the schools are failing from underfunding== That’s why they’re failing? You can argue where the money is spent, but I don’t think lack of funds is CPS’ problem. CPS could fund a counselor and librarian at every school with the amount they spend on the pension pick-ups. With drastic declines in enrollment this decade, I’d wager CPS funding per pupil has never been higher. - 47th Ward - Friday, Jun 21, 19 @ 2:38 pm: ===I don’t think the federal tax cuts cost a trillion a year.=== With no corresponding cuts in spending, the deficit is on pace to reach that figure. From WAPO: “Typically when the economy grows and unemployment falls, the budget deficit contracts, because there is more tax revenue coming into the government and spending slows. But the opposite is happening, and the February data was the latest in reports that show the deficit is worsening rapidly. In the first five months of the fiscal year, the government has spent $544 billion more than it brought in through tax receipts, Treasury said Friday. The $544 billion deficit is up 39 percent from the corresponding period one year ago.” https://www.washingtonpost.com/business/economy/the-government-ran-a-544-billion-deficit-over-the-first-5-months-of-the-fiscal-year/2019/03/22/932d3438-4cc8-11e9-9663-00ac73f49662_story.html?utm_term=.895ad71dc4ed - Jibba - Friday, Jun 21, 19 @ 2:40 pm: ===That’s why they’re failing? === CZ, I honestly have no idea. But I read that facilities are like crumbling jails from Rauner, which money can clearly fix, and many commenters here over the years do not send their kids, so they are failing their citizens. This conversation reminds me a lot of our discussions on the state budget. More money needed or cut waste, fraud, and abuse? If you oppose more money, then what is your plan, alderman? - SSL - Friday, Jun 21, 19 @ 2:54 pm: The federal tax cuts are not the deficit. You know that right? - Looking down the Road - Friday, Jun 21, 19 @ 2:59 pm: I think its a fair prediction that property taxes are going to increase substantially… –Lightfoot then turned to the financial elephant in the budget room in both Chicago and Springfield, underlining the need to do something about “this overwhelming, all-consuming pension debt.” “This is our moment” to deal with it, she said. “We need to do it now . . . I ran on the need for change, and if that means I must sacrifice myself politically, so be it,” she continued to big applause. –https://www.chicagobusiness.com/greg-hinz-politics/now-time-deal-pension-debt-lightfoot-declares-0#adunit_path=politics-opinion/greg-hinz-on-politics Chicago’s pension payment is supposed to increase by a billion dollars by 2023. How is she going to fund that? What is she going to change? Under Rahm, property taxes increased by about 590K per year. Its going to be hard politically to push through the kind of tax increases she’ll need for the scheduled increases. Maybe she’s counting on a cut of the proposed increase in income taxes. She would need a fairly large piece of the 3.4 billion anticipated revenue. - 47th Ward - Friday, Jun 21, 19 @ 3:04 pm: ===You know that right?=== You know how to read, right? - SSL - Friday, Jun 21, 19 @ 3:34 pm: Yep, I read where you said those tax cuts are costing a trillion a year. And they aren’t. And after all your explaining, they still aren’t. Have a great weekend. - 47th Ward - Friday, Jun 21, 19 @ 3:39 pm: “In the first five months of the fiscal year, the government has spent $544 billion more than it brought in through tax receipts, Treasury said Friday” Maybe it would help if I put that in all caps for you. - SSL - Friday, Jun 21, 19 @ 3:45 pm: Tax revenues are not tax cuts. Why can’t you accept that you are wrong? It’s okay, you made a mistake. It can’t possibly be the first time. - 17% Solution - Friday, Jun 21, 19 @ 4:42 pm: “it wasn’t eliminated it was just capped at $10,000 which would increase the tax burden on the wealthy and upper middle class.” So it’s a tax increase. The “Tax Cuts and Jobs Act” was an increase for many. Add to that the tariffs, taxes on all Americans. Trump administration is just a tax and spend administration. Just own it. - Emily - Thursday, Jul 11, 19 @ 8:03 pm: I actually have some fans on a facebook page related to this stuff. I’ll share your post with them and see what they have to say. I’m sure they’ll love it though. Sorry, comments for this post are now closed.