Bob C. owns a 2,512 square foot Wauconda home that is currently assessed at $332,097.
“You have to plan for the tax bill,” Bob said. “We have to put a $1,000 back a month to pay the tax bill.”
Bob took possession of the home in 2000 when it was worth around $266,679, or $390,941 in today’s dollars. He has paid $122,614 in property taxes since 2001, more than 45 percent of the original value of his home.
“There have been a couple years we couldn’t take a vacation,” Bob said. “We work hard and wanted to reward the kids, but we couldn’t go because we had to pay the tax bill. The government is relentless about getting its money.”
Bob is currently paying $10,664 per year in property taxes on his home, about 3.2 percent of the Lake County Assessor claimed value of $332,097.
“We’re leaving Illinois,” Bob said. “We’re putting our house up for sale this spring. I want to get this albatross off our back. Our taxes are spent foolishly and without regard that people are working hard for this money. I think that the Democrats just buy the votes with my money.”
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 we need to get rid of the escrow. I think everyone should have to pay the state and let the state chase after that money,” Bob said. “The hard cap is a start. But, there is not just one thing that is going to fix this.”
If Bob lived in Indiana the most he could be charged in property taxes would be $3,320 per year or $7,344 less than what he currently pays in Illinois.
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