By: Mark Glennon*
CoreLogic, a California-based financial data firm, today released its analysis showing average Illinois property taxes of 2.67%, over twice the national average of 1.31%. Illinois is the highest in the nation.
Even those averages disguise the personal tragedy inflicted on hundreds of thousands of families whose rates far exceed that, robbing those owners of their home equity. We looked in detail in November at those averages for Chicago’s south suburbs, where average rates exceed a suicidal 5% per year. Plenty of other Chicago area suburbs are just as bad, as we detailed in a follow-up article.
These taxes are a lien on homes, senior to owners’ equity and mortgages, and property taxes directly reduce the value of homes. The press continues to ignore this calamity, falling hardest on the middle class and working poor. Tax rates continue to explode, as every owner in Illinois knows, making this nothing less than a gradual confiscation.
Wake up, Illinois. Radical change is long overdue.
*Mark Glennon is founder of WirePoints. Opinions expressed are his own.