Joe E. owns a 2,362 square foot Park Ridge home that is currently assessed at $565,390.
Joe took possession of the home in 2008 when it was worth around $1,011,500, or $1,185,966 in today’s dollars. He has paid $143,005 in property taxes since 2008, more than 14 percent of the original value of his home.
“It takes a bite out of what’s left of your take-home pay,” Joe said. “I’ve certainly considered leaving. Especially when you combine the property taxes along with the income tax increase and the proposed increases to taxes even more. An increase would definitely drive me further to leave.”
Joe is currently paying $15,149 per year in property taxes on his home, about 2.6 percent of the Cook County Assessor claimed value of $565,390.
“It’s very easy for me to move my residency to another state,” Joe said. “I do a lot of consulting work and can easily move. Illinois would lose all of that income tax they’re getting from me.”
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 taxes are spent] very poorly,” Joe said. “The hard cap like in Indiana would help if Illinois wouldn’t increase other taxes to make up the difference.”
If Joe lived in Indiana the most he could be charged in property taxes would be $5,653 per year or $9,496 less than what he currently pays in Illinois.
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