Talk to me about taxes (Chicago, Wheaton: real estate market, 2013, renting)

[Surf123]

I do know what taxes pay for...I meant more of not knowing about the inner workings/politics behind it all. No I don't own a home and never thought much about property taxes til now since I plan on purchasing soon. But I get the bottom line and understand what everyone is saying.

Anyhow, anyone else have any input regarding the 200k income per family?

[Daze55]

If you want Chicagoland without the high taxes, check out NW Indiana.

[knitgirl]

Originally Posted by Surf123

Anyhow, anyone else have any input regarding the 200k income per family?

Do you mean JJski's comment? Maybe for some people, depends on your standard of living. I'm not going to take the time to research household income distributions in the Chicago area at the moment, but I'd hazard a guess that $200,000 annual salary would put you at LEAST in the top 10% if not higher.

[My Kind Of Town]

Originally Posted by Sunbiz1

That's a Ponzi scheme.

Please explain

[My Kind Of Town]

Originally Posted by MSchemist80

When people talk about leaving due to taxes it is mostly the property taxes they are talking about. I deal with the 10+% sales tax by shopping in Dupage Co and online. The effective property tax rates run from 2.5-5% of the home's value per year and are continuing to increase out of control. At this point many $200-300K homes are getting sacked with $10k bills which residents are increasingly not able nor willing to stomach. The inefficient and redundant government structure, lack of fiscal discipline of the leaders and insane govt union salaries, benefits and pensions are the root cause and no I do not feel the money is well spent. The services in the area are nothing that special especially in Cook Co.

Not true for all areas. This year I am paying a property tax rate of approx 1.2%.

[JJski]

I transplanted from MI --- I feel like COL is double here. When we relocated we were shocked at how good our relocation package and cost of living adjustment was... But then we learned why...

Hence why I set these numbers high. Natives that have lived here entire life do not realize how expensive this state is - i think they just grow used to it... I stand by my 100k/200k comments... Single you need 100k to live comparatively to 50K in a cheaper states similar burbs - the world class big city (everyone loves/global destination) is the primary reason in my mind....

If you want top nature scene move to Colorado... If you want top Big city scene you come to a New York or Chicago... big cities are expensive - and to live super close in a good burb costs a lot here...

we pay about 2.2% of home value in property tax living in la grange (cook county) - 20minute drive/uber/or train to loop... close...

just my 2 centz

[damba]

That's probably pretty close. I recall seeing 2015 data (maybe Crain's?) that said ~$163K put you in the top 10% for Chi-town households. Here's hoping we all get there(!)

cheers

Originally Posted by knitgirl

Do you mean JJski's comment? Maybe for some people, depends on your standard of living. I'm not going to take the time to research household income distributions in the Chicago area at the moment, but I'd hazard a guess that $200,000 annual salary would put you at LEAST in the top 10% if not higher.

[JJski]

200k - i would assume is from 2 sources - household of at least 3. Im not debating the percentages. My point is simply you can get a lot more for your money in other states... Same concept as moving far from big city here.

If negotiating for a relocation package - make sure to do your homework on COL.

[ToriaT]

You can move to a lot of different cheaper places but are they really better than living in the Chicago or its suburbs? I've had family re locate to various places and can't help but think they would have been better off staying here...high taxes and all.

One moved to Oklahoma where there are frequent tornadoes and no basements...they have to run to a tiny storm cellar for fear of their lives...
Another to Washingon state where there is a dearth of sunlight....
or to Florida where it is lovely in the winter but hot and humid from April through all of Fall...
or Tenessee. Who wants to live in Tennessee?

[JJski]

Originally Posted by ToriaT

You can move to a lot of different cheaper places but are they really better than living in the Chicago or its suburbs? I've had family re locate to various places and can't help but think they would have been better off staying here...high taxes and all.

One moved to Oklahoma where there are frequent tornadoes and no basements...they have to run to a tiny storm cellar for fear of their lives...
Another to Washingon state where there is a dearth of sunlight....
or to Florida where it is lovely in the winter but hot and humid from April through all of Fall...
or Tenessee. Who wants to live in Tennessee?

Burb wise - take MI for example... you can live in an amazing burb town like Northville or Plymouth which is just as good as Hinsdale/Western Springs/La Grange/Wheaton/GE with just as goood performing schools and houses cost 35-50% less and taxes are 6% versus 10%, no toll roads or parking fees...

BUT you don't get the great public transportation/big city or all of the job opportunities... Its amazing here for the right transplants. If I grew up here, I might have different opinions especially leaving then coming back (hometown love) - just giving you a transplantee in point of view...