Illinois & Lake County Property Taxes
Are You Going To Get A Break On Illinois & Lake County Property Taxes? More news on tax. Mayor Rahm Emanuel plotted a tax hike for property, but insiders are gossiping that if you’re a middle class owner, your burden may plummet. It is the same old reason. Soaring pension payments and a chilling budget deficit caused the mayor, earlier this month, to jack property taxes to $450 million to cover unpaid liabilities for the police and firefighter pensions, plus $50 million for the Chicago Public Schools. The result: a proposed record-breaking $500 million property tax gift. US Effective Tax Rates by Income This is the highest yet since 1996. It is 50 percent more than we paid in property taxes five years ago. It raises our tax rate from $774.4 million in 2014 to $1.22 billion Ironically – and of small consolation to Chicagoans – the mayor’s [...]