Bob B. owns a 1,918 square foot, 4-bedroom, 3-bathroom Grayslake home that is currently assessed at $224,841.
“I’m very concerned because within the next few years we are going to hit $10,000 [in property taxes],” Bob said.
Bob took possession of the home in 2016 when it was worth around $180,000, or $189,323 in today’s dollars. He has paid $17,544 in property taxes since 2016, more than 9.7 percent of the original value of his home.
“Any state where Democrats are running the show, the taxes are off the charts,” Bob said. “It’s time to go.”
Bob is currently paying $8,957 per year in property taxes on his home, about 3.9 percent of the Lake County Assessor claimed value of $224,841.
“My wife and I are trying to figure out which state we’re going to move to,” Bob said.
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.
“Our legislature feels like they don’t hold anything back,” Bob said. “If they want something, they just raise taxes.”
If Bob lived in Indiana the most he could be charged in property taxes would be $2,248 per year or $6,709 less than what he currently pays in Illinois.
“I think the one percent hard cap would buy people time,” Bob said. “Just this past spring, when I went walking door-to-door for several causes. Ninety-seven out of 100 people that I spoke with said property taxes were eating them up.”
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