Ed K.: I’m definitely considering [moving].

Ed K. owns a 1,775 square foot Grayslake home that is currently assessed at $159,930.

“It takes money out of my pocket,” Ed said. “I live in a townhouse and don’t actually own the land, yet they still charge you for the land. It definitely puts constraints on you. You limit yourself to the bare necessities.”

Ed took possession of the home in 2005 when it was worth around $183,000, or $236,540 in today’s dollars. He has paid $60,281 in property taxes since 2005, more than 32 percent of the original value of his home.

“I’ve considered moving out of Illinois,” Ed said. “However, right now in my neighborhood there are two houses next to me for sale or I would probably have my property up for sale in the next six months. I’m definitely considering [moving].”

“I’ve considered moving out of Illinois,” Ed said. “However, right now in my neighborhood there are two houses next to me for sale or I would probably have my property up for sale in the next six months. I’m definitely considering [moving].”

Ed is currently paying $5,854 per year in property taxes on his home, about 3.6 percent of the Lake County Assessor claimed value of $159,930.

“At the local level, there is no infrastructure for business,” Ed said. “The county seems to favor the high rent districts. Overall, I think the state wastes money like crazy.”

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 limit on property taxes would be a great start.,” Ed said. “I think a balanced budget in the state would also help. It would be critical. You can’t just keep adding debt. I think we’ll be in the same boat as Detroit, but as a state instead of a city.”

If Ed lived in Indiana the most he could be charged in property taxes would be $1,599 per year or $4,255 less than what he currently pays in Illinois.

“I think the cap would put a stay on things,” Ed said. “Every year you don’t know what the changes will be. Assessments here are all out of whack, so I think there needs to be more than that.”

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