Scott K. owns a 3,160 square foot, 4-bedroom, 4-bathroom Cary home that is currently assessed at $372,588.
“It’s hard to sell your property,” Scott said. “I would’ve been better off renting all these years. I could’ve rented a nice home all these years. I bought this home thinking it would appreciate.”
Scott took possession of the home in 2001 when it was worth around $389,500, or $555,508 in today’s dollars. He has paid $170,963 in property taxes since 2001, more than 43 percent of the original value of his home.
“I think we’re going to leave,” Scott said. “We have no discretionary income.”
Scott is currently paying $12,615 per year in property taxes on his home, about 3.3 percent of the McHenry County Assessor claimed value of $372,588.
“I would leave Illinois if I didn’t have elderly parents close by,” Scott said. “That is the only thing keeping me here. I don’t think our money is being spent wisely. We have a spending problem.”
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 would love to see something like the tax cap,” Scott said. “I feel like I don’t even work for myself. I have very little control over anything. The money I bring home is eaten up by taxes on everything. I would love to see a cap on taxes. I’d like to see a reduction.”
If Scott lived in Indiana the most he could be charged in property taxes would be $3,725 per year or $8,890 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 firstname.lastname@example.org.