Illinois’ high property tax rates burden home owners, businesses: Analyst

(The Center Square) – Compared to other states, Illinois’ property taxes continue to be among the highest. 

The personal finance site Money Geek gave Illinois the grade of “F” because it ranks second in the nation behind New Jersey for the highest property taxes.

When it comes to the consequences of its tax policy, Josh Bandoch of the Illinois Policy Institute would give Illinois an even lower grade, he said. 

“An ‘F’ is too high. Except for New Jersey, Illinois ranks at the rock bottom when it comes to tax friendliness,” Bandoch said. 

With property taxes at over 2% of the average household income, Illinoisans struggle with a huge tax burden, Bandoch said. 

“Compare that to Florida, where the taxes are 0.91%,” he said.

Bandoch blames high property taxes and high commercial property taxes for pushing businesses and people to leave Illinois, he said.

Ninety-seven percent of the people who moved out of
Read more…

Please follow and like us: