( The Center Square ) – Compared to other states, Illinois ‘ property taxes continue to be among the highest.
Illinois received an” F” from the personal finance website Money Geek because it has the highest property taxes in the country, trailing only New Jersey.
Josh Bandoch of the Illinois Policy Institute said the state may receive an even lower level when it comes to the effects of its income plan.
” An’ F’ is very high. Except for New Jersey, Illinois ranks at the rock bottom when it comes to taxes friendliness”, Bandoch said.
With estate taxes at over 2 % of the average household income, Illinoisans fight with a massive tax burden, Bandoch said.
” Compare that to Florida, where the taxes are 0.91 %”, he said.
According to him, Bandoch attributed higher property taxes and large commercial property taxes to compulsion for businesses and individuals to keep Illinois.
According to Bandoch, 97 percent of the people who relocated out of Illinois in the previous year relocated to state with lower tax rates.
” Every six hours and 15 moments, an Illinois mother, dad, partner or colleague moves out of Illinois to a more duty- pleasant state”, he said.
According to the Money Geek survey, a typical middle-class home in Illinois pays$ 9,524 more in taxes each year than a typical family in Nevada, the lowest-tax position, pays.
According to Bandoch, higher property taxes contribute to the accommodation problem Illinoisans battle with.
Because they spend at least 30 % of their money on housing, he said, “nearly one-third of Illinois households are regarded as’housing burdened’.” There is a clear link between why Illinois’s individuals and businesses are leaving. It is unworkable”.
Large corporate property taxes, especially in Chicago, are an undue stress on companies, Bandoch said.
” Augmentedly, United Airlines is moving some of its headquarters to Denver. That would be a great damage”, he said.
According to Bandoch, more people and businesses result in more work and income.
” Even if an individual pays less taxes, there is more income coming into the state”, he said.
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If Illinois may move up from being ranked second in the country in terms of higher house taxes to 25th or 26th, according to Bandoch.
” Illinois does n’t have to be Florida or Arizona or Nevada. Illinois simply must be in the center. That may make a big variation”, he said.
