Richard G.: I can’t pay my property taxes.

Richard G. owns a 2,291 square foot Hainesville home that is currently assessed at $273,195.

Richard G. took possession of the home in 2005 when it was worth around $280,000, or $361,919 in today’s dollars. He has paid $100,685 in property taxes since 2005, more than 35 percent of the original value of his home.

“It’s impacted my life horribly,” Richard said. “Our taxes of kept going up."

Richard is currently paying $10,681 per year in property taxes on his home, about 3.9 percent of the Lake County Assessor claimed value of $273,195.

“I’ve considered moving,” Richard said. “It’s ridiculous. I can’t pay my property taxes.”

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 the tax cap would be great,” Richard said.

If Richard lived in Indiana the most he could be charged in property taxes would be $2,731 per year or $7,950 less than what he currently pays in Illinois.

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