Staff Reports
The personal finance folks at Money Geek have given Illinois an “F” grade for being a tax disaster. And who can blame them? Illinois is like the king of property taxes, ranking second in the nation, right behind New Jersey. Yeah, New Jersey – the state famous for its heavy tolls and even heavier taxes. Talk about some bad company to keep!
Now Josh Bandoch from the Illinois Policy Institute is chiming in, and he’s not holding back. According to him, even giving Illinois an “F” is too generous. He says, “Illinois is pretty much scraping the tax-bottom barrel” when it comes to being friendly with hard-working folks’ wallets. And Josh is not wrong. Illinoisans are shelling out over 2% of their hard-earned money just to keep their homes, while their friends down in Florida are laughing it off, paying less than 1% in comparison.
Analyst: Illinois’ high property tax rates burden home owners, businesses https://t.co/2uCXWh10kQ via @thecentersquare
— Bishop On Air (@BishopOnAir) March 29, 2024
And let’s talk about the exodus, shall we? Apparently, people are fleeing Illinois faster than a cat from a bath. A whopping 97% of the people who bolted from the state last year headed to places with lower taxes. Josh Bandoch says, “Every six minutes and 15 seconds, someone has had enough and waves goodbye to Illinois, heading to a more tax-friendly state.” It’s like a tax version of musical chairs, but with states, and there are no winners, only losers (sorry, Illinois).
The Money Geek survey also dropped a bombshell, claiming that a regular ol’ middle-class family in Illinois is forking over an extra $9,524 in taxes compared to a similar family in Nevada, the land of low taxes. That’s like, what, a really nice vacation or something! And if you thought the pain was only felt in homeowners’ wallets, think again. Businesses are also getting mugged by the tax man. High commercial property taxes, especially in the Windy City, are like a cement shoe dragging them down.
Bandoch predicts doom and gloom if things don’t change. He’s bemoaning that nearly a third of Illinois households are drowning in housing costs and that businesses are flying the coop faster than a flock of geese in January. It’s like watching a sinking ship, except this ship is the entire state and everyone is dressed like they’re from the 1800s.
So, what’s the solution to this mess? According to Bandoch, Illinois doesn’t have to be the next Florida or Arizona. It just needs to climb out of the tax gutter and hover around the middle for a change. He says, “If we could just drop to 25th or 26th place for high property taxes, that would be a miracle!” And who wouldn’t want a miracle in Illinois?
