Katie M. owns a 2,473 square foot, 5-bedroom, 3-bathroom Mount Prospect home that is currently assessed at $398,350.
Katie took possession of the home in 2005 when it was worth around $350,000, or $451,874 in today’s dollars. She has paid $111,682 in property taxes since 2005, more than 31 percent of the original value of her home.
“Our government is very wasteful,” Katie said. “They don’t have a good budget. They don’t prioritize their spending.”
Katie is currently paying $11,184 per year in property taxes on her home, about 2.8 percent of the Cook County Assessor claimed value of $398,350.
“We’ve thought about moving, but because of my kids’ ages we can’t right now,” Katie said. “Between property taxes and other taxes in Illinois, we have definitely thought about moving.”
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.
“The one percent cap would help because you would know what your property taxes would be,” Katie said. “Right now it’s a surprise and you never know until you get the actual property tax bill what it’s going to be. It’s hard to budget for your family.”
If Katie lived in Indiana the most she could be charged in property taxes would be $3,983 per year or $7,201 less than what she currently pays in Illinois.
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