An audible gasp went out in the breakout room I was in at last month’s pension event cosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years.
Homeowners with houses worth $250,000 would pay an additional $2,500 per year in property taxes, those with homes worth $500,000 would pay an additional $5,000, and those with homes worth $1 million would pay an additional $10,000.
Property taxes in many Illinois communities already exceed 3%, 4% and even 5% of home values. Across Illinois, the average is a sky-high 2.67 percent, the highest in the nation.
The real question is, how is this scheme ever going to work when they keep creating more govt jobs and now this is going to drive even more taxpayers out of the state. The real answer is LESS govt, they are absolute and utter fools.
ZH summed it up nicely
Property can’t leave, so seize it. That’s the basic idea.
This is the straw that breaks the state. Land values will collapse. The local economy will collapse. Population exodus. Ghettos and wastelands.
Just like Detroit.