Mark D. owns a 3,200 square foot, 3-bedroom, 3-bathroom Bloomingdale home that is currently assessed at $336,600.
Mark took possession of the home in 1998 when it was worth around $262,000, or $405,289 in today’s dollars. He has paid $159,664 in property taxes since 2000, more than 60 percent of the original value of his home.
“It’s college money out of my pockets,” Mark said. It’s $1,000 per month to live in my home. I have no children that go to Bloomingdale’s school district. I’m literally renting my home from the county.”
Mark is currently paying $12,091 per year in property taxes on his home, about 3.5 percent of the DuPage County Assessor claimed value of $336,600.
“The only reason I am still in Illinois is because my children are here finishing college,” Mark said. “As soon as [my kids finish college] I am out of Illinois.”
Indiana has a hard 1 percent cap on property taxes. This means local governments are not allowed under state law to charge homeowner’s more than 1 percent of their home’s assessed value per year. The average property tax rate for the state of Indiana is 0.89 percent. Meanwhile, the average property tax rate in Illinois is 2.3 percent.
“I think a property tax freeze would help or a cap like in Indiana,” Mark said. “There has got to be a cap on a yearly increase.”
If Mark lived in Indiana the most he could be charged in property taxes would be $3,366 per year or $8,725 less than what he currently pays in Illinois.
To share your story with us, please send an email including your full name, address, phone number and email address to email@example.com.