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Old 10-29-2008, 03:43 PM
 
10 posts, read 33,745 times
Reputation: 15

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Hi guys,

My wife and I are planning to relocate to Illinois in the next couple months (yep, probably in the middle of winter) and - because we're on a budget and I don't like bad surprises - I was wondering what kind of general hidden costs await someone who's going to be moving into the state?

I don't know what city we'll be living in yet, but we'd like to be around Chicago. In Chicago itself will probably be too rich for us.

Sorry if this is a totally vague question, I just need all the help I can get. Even if the help is vague answers.

Thanks!
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Old 10-29-2008, 04:08 PM
 
782 posts, read 3,429,624 times
Reputation: 398
2% to 2.5% of property value.I pay $7100 on a 2400 s.f. two story house on 1/3 acre in oswego, 50 milles outside of chicago. Sales tax is around 7% I think.Chicago is over 9% I think. No personal property tax in illinois.
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Old 10-29-2008, 07:40 PM
 
Location: Not where you ever lived
11,544 posts, read 25,041,637 times
Reputation: 6182
I pay $2200 taxes pm a 1000sf home 150 miles outside of Chicago. No personl property taxes. Tax on groceries is 1%. Most doctor office calls are $150 up where I live.
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Old 10-29-2008, 08:09 PM
 
5,640 posts, read 16,909,572 times
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You will be astounded by the high gas taxes here. Amongst the highest in the nation, if not the highest (NY is up there too I know). And 65% of your property tax goes to fund schools. The county kind of determines how high your property taxes are, as well as the town of course the more the house is worth, the higher the tax rate, you want to go for a low multiplier, and the new developments are funding the new schools that were built to go along with them. So you will pay for those in a new development.
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Old 10-29-2008, 08:14 PM
 
610 posts, read 2,408,508 times
Reputation: 123
I agree on the 2-2.5% property tax rule. License plates are $78 to register per year (non-vanity plate). I think it cost $10 to get an IL driver's license. Most counties outside of Cook County have 6.25-7.75% sales tax. No personal property tax. You'll file federal and state income tax in April. If you use the toll roads you'll want to get an IPASS for each car you own otherwise you'll pay twice the amount of each toll. I think it costs $30 for the IPASS transmitter and then you put $40 (or whatever) on the IPASS and use it up over time. When you get to $5 they charge your account to get back up to $40. If you leave the state, return the IPASS transmitter and you get your $30 back (so they say )
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Old 10-29-2008, 08:16 PM
 
Location: Romeoville, IL
1,238 posts, read 2,178,589 times
Reputation: 507
All you need to know is that when my parents moved here seven years ago, my dad got a substantial "Cost of living" raise. I believe it was a $17,000 raise.
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Old 10-29-2008, 10:20 PM
 
571 posts, read 2,196,965 times
Reputation: 295
The entire State will tax you every chance they get, the property Taxes are the worst.Then there is the gas tax and the sales tax and the tolls yes thats also a tax. It seems that you cant make any money because it all goes to some sort of tax. I owned a house that had a value of $140,000 and I was paying $3900 in property taxes. I moved away to Arizona and I am paying $900 on a house valued at $250,000 thats a huge difference. Its not just me seeing how the State Taxes you every chance they have either just read other posts. Tax Tax Tax thats the way the State of Illinois is and that will be your biggest surprise. If your on a budget it will be tough, not impossible but tough.
I would pick a different State. I hope the best for you.
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Old 10-30-2008, 08:42 AM
 
10 posts, read 33,745 times
Reputation: 15
Thanks for all the input!

I have another question now, too,which may be a deal breaker on the whole Chicago idea. Looking through Craigslist I can find tons of apartments and whatnot that are priced - as I'd expect - from like 800 bucks upward, but sometimes on the list are places like this: Upgraded and Magnificent 1 bedroom condo with loft (http://chicago.craigslist.org/chc/apa/899165838.html - broken link) that look very nice and are super cheap, but I can't find them for the life of me (no clue where "Chicago Pl off of Main" is).

If I find a great deal on a place like that, is it safe to say it's gonna be in a bad part of town, or...?
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Old 10-30-2008, 12:34 PM
 
11,972 posts, read 26,821,327 times
Reputation: 4547
Quote:
Originally Posted by Havasu View Post
owned a house that had a value of $140,000 and I was paying $3900 in property taxes.
How is that possible? I own a home worth more than twice that in the city of Chicago, and my property taxes are only $3400. You're losing credibility with those numbers...

Property taxes and the state income tax are somewhat reasonable, but it's everything else that bites you in the rear. Property taxes are not that bad in most of Illinois, but it varies based on what municipality you live in. The sales tax is FAR too high, however. The same can be said for gas taxes, hotel taxes, sin taxes, etc. And the user fees are out of control, whether it be vehicle registration, city stickers, tolls, etc. It all adds up. And if you live in the city, be prepared for outrageous parking fines, which are a huge revenue generator. Little things like this will drive you crazy in the city, and make the government feel quite oppressive.
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Old 10-30-2008, 12:50 PM
 
Location: Oak Park, IL
5,520 posts, read 11,958,738 times
Reputation: 3820
Quote:
Originally Posted by Lookout Kid View Post
How is that possible? I own a home worth more than twice that in the city of Chicago, and my property taxes are only $3400. You're losing credibility with those numbers...
Actually, property taxes in the city are usually quite a bit less than in the burbs.
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