Illinois’ property taxes remain among the highest when compared to other states.
According to Money Geek, Illinois has received a failing grade for its property taxes, ranking second in the nation just behind New Jersey.
Josh Bandoch from the Illinois Policy Institute believes that Illinois deserves an even lower grade when it comes to the consequences of its tax policy.
According to Bandoch, Illinois ranks at the bottom in terms of tax friendliness, with an ‘F’ grade. New Jersey is the only state that fares worse than Illinois in this regard.
According to Bandoch, Illinois residents face a significant tax burden, with property taxes accounting for over 2% of the average household income.
He pointed out that in Florida, the taxes are only 0.91%.
According to Bandoch, businesses and individuals are being driven away from Illinois due to the burdensome property taxes, both for residential and commercial properties.
According to Bandoch, the majority of individuals who left Illinois in the previous year moved to states with lower tax rates.
According to him, an Illinois mom, dad, colleague, or friend moves out of Illinois to a more tax-friendly state every six minutes and 15 seconds.
According to the Money Geek survey, middle-class families in Illinois pay an additional $9,524 in taxes each year compared to families in Nevada, which is the state with the lowest tax burden.
According to Bandoch, high property taxes play a significant role in exacerbating the housing burden faced by Illinois residents.
According to the speaker, approximately 30% of households in Illinois are classified as “housing burdened” due to spending at least 30% of their income on housing. He emphasizes the direct correlation between this issue and the exodus of families and businesses from the state, deeming it an unsustainable situation.
According to Bandoch, businesses, especially in Chicago, are facing excessive burdens due to high commercial property taxes.
He said that there are rumors about United Airlines potentially relocating some of its offices to Denver, which would be a significant loss.
According to Bandoch, an increase in the number of people and businesses leads to a higher revenue and job creation.
He said that despite an individual paying lower taxes, there is an increase in revenue flowing into the state.
According to Bandoch, a significant improvement for Illinois would be transitioning from its current position as the second highest state in terms of property taxes to being ranked 25th or 26th in the nation.
According to him, Illinois doesn’t need to emulate states like Florida, Arizona, or Nevada. Instead, it simply needs to position itself right in the middle. He believes that this strategic location would have a significant impact.
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