Chicago's day of Reckoning has arrived (Wyoming: hotel, school district, income)

[MassVt]

Even if the figure is adjusted upward for some, $41/month is no reason for Armageddon. Let's keep our senses, please, and stop with the "end of the world" nonsense..

[compactspace]

Originally Posted by MassVt

Even if the figure is adjusted upward for some, $41/month is no reason for Armageddon. Let's keep our senses, please, and stop with the "end of the world" nonsense..

I think we're dealing with clashes of perspective. Many of the people most aggrieved by this would be much happier in low-tax, low amenity cities with good roads, big lots and ample parking. Chicago, by virtue of its being a high-tax, high density city with a large underclass it feels obligated to provide with services is never going to be satisfactory to them. They will simply never be happy with subsidizing a bunch of 'freeloaders'.

Whether the city can manage to pull itself out of its financial mess is another question. I'm taking a punt that it can. Maybe it can't -- but that would be a blow for America.

[marothisu]

Originally Posted by Bellamouse

Such a filthy mouth you have.

The article itself states clearly that the tax will not be imposed on properties valued less than $250,000. Which means the "average" that you found is completely inaccurate, as it averages in EVERYONE who owns property in Chicago. When you take out a huge portion of the base, the average goes way, way up. That's just common sense.

You're right, the value was quoted for a $250K home. So let's say it's a $500K home, then we might say it's an extra $1000 per year or $83.33 per month extra with this new law. Do you think that's going to break the bank on most people who own homes valued at $500,000? Although spending an extra $41.67 is not cool, for example, it is not the end of the world at all. If you are living in a $500,000 home and cannot afford a $83.33 increase per month or someone living in a $1M home cannot afford an increase of $166.66 per month in one cost, then they probably shouldn't have been in that expensive of a home to begin with.

For the $250K home, or $41.67 per month, that amounts to around $10 per week of added cost That's the equivalent of 3 to 4 tall cafe lattes at Starbucks per week or somewhere around 1 vending machine soda per business day, just to put things into perspective. And while it's not cool that some people who can't afford it might have to stop buying a soda from a vending machine once per business day, there's easy ways to account for this. It's not a huge increase, yes it still sucks that a rate goes up, but it's not the end of the world or even close to it.

[tommy_407]

Originally Posted by compactspace

Rauner is likely to put the kibosh on that. I'd say that it'll slug everyone, as it should. That's the point of property tax.

Couldn't agree more. Since we have a huge sector of bottom feeders perhaps they're just announcing this to keep the lower income lower value property holders docile for the time being and then once the act is in place, hit everyone.

[tommy_407]

Originally Posted by Antonio Montana

This latest property tax just confirms how great a decision I made when I decided to leave both Chicago and Illinois. This latest tax increase plus this past weekend, which was the second most violent of the year (8 dead, 45 wounded), shows that Chicago is not headed in a good direction. Of course, here, if you acknowledge Chicago's overwhelming debt and crime wave, the spin doctors will accuse you of trolling. Since when is communicating truth "trolling"?

Anyway, it's nice to live in an area with clean air, MUCH lower taxes, and a view of the Rocky Mountains right outside my doors. I also love being able to own as many firearms as I want with ease, and being able to carry many of those firearms concealed for self-defense purposes, without having to go through Chicago and Illinois's crazy regulations.

Wyoming? Colorado? Utah?
I agree city life does not suit you. Not trying to challenge your post/decision, but would it come off as crazy that a location which is literally in the heart of the previous frontier "old wild west" would have more lax gun laws compared to urban Chicago proper? LoL.

[pete6032]

Can a municipal government set up a defined contribution with match, like a 401K? Instead of doing pensions?

[chet everett]

Originally Posted by pete6032

Can a municipal government set up a defined contribution with match, like a 401K? Instead of doing pensions?

The courts have struck down all efforts to change the pensions of employees of the state or local government. They are "fully locked in" until the constitution is changed...

[Bellamouse]

Originally Posted by marothisu

You're right, the value was quoted for a $250K home. So let's say it's a $500K home, then we might say it's an extra $1000 per year or $83.33 per month extra with this new law. Do you think that's going to break the bank on most people who own homes valued at $500,000? Although spending an extra $41.67 is not cool, for example, it is not the end of the world at all. If you are living in a $500,000 home and cannot afford a $83.33 increase per month or someone living in a $1M home cannot afford an increase of $166.66 per month in one cost, then they probably shouldn't have been in that expensive of a home to begin with.

For the $250K home, or $41.67 per month, that amounts to around $10 per week of added cost That's the equivalent of 3 to 4 tall cafe lattes at Starbucks per week or somewhere around 1 vending machine soda per business day, just to put things into perspective. And while it's not cool that some people who can't afford it might have to stop buying a soda from a vending machine once per business day, there's easy ways to account for this. It's not a huge increase, yes it still sucks that a rate goes up, but it's not the end of the world or even close to it.

You keep breaking it down to these supposed small numbers. Do you not get that everything is going up? And all these "small" increases add up to huge amounts that people just can't take. Gasoline. Groceries, Heck, it's $500/year just to register and tax our two vehicles. Garbage is going up. Increase in sales tax. And they did at one time increase the IL state tax to 5% (from 3%). When you are living on a tight budget and they take an additional $3000-$5000/year from you, yes, that IS a big deal. It can mean NO vacation that year. You've got a preconceived notion about what people who live in $500K houses can afford.... what about those who bought (like we did) 20 years ago and the house cost $135K then? Do you really think we make 4 times as much now as we did 20 years ago? HA I wish... You keep believing it's "just" $41. That's exactly what they want you to believe.

[marothisu]

^ What I'm doing is simple math using numbers the city is giving the people. It's $500 per year extra on average for a $250K home, meaning on average is probably close to $1000 per year for something double that which is exactly what I posted above. The small numbers, as you put it, is supposed to show how the price increase of this isn't going to break most people.

If you had bothered to actually read my post, you'd know that I stated the above. You obviously different now that you're still on $41. Again, for the 3rd time - $41 is the average increase per month for a home valued at$250K. And for the third time, it's probably around double that per month for a house double that value, on average. Do the math - because it's obvious you are completely ignoring what is layed out.

[chet everett]

Originally Posted by Bellamouse

You keep breaking it down to these supposed small numbers. Do you not get that everything is going up? And all these "small" increases add up to huge amounts that people just can't take. Gasoline. Groceries, Heck, it's $500/year just to register and tax our two vehicles. Garbage is going up. Increase in sales tax. And they did at one time increase the IL state tax to 5% (from 3%). When you are living on a tight budget and they take an additional $3000-$5000/year from you, yes, that IS a big deal. It can mean NO vacation that year. You've got a preconceived notion about what people who live in $500K houses can afford.... what about those who bought (like we did) 20 years ago and the house cost $135K then? Do you really think we make 4 times as much now as we did 20 years ago? HA I wish... You keep believing it's "just" $41. That's exactly what they want you to believe.

People like him LOVE to make excuses as they jet around the globe on their employer's money. They think Daley did a swell job of sprucing up the street with planters while the schools were crumbling and the violence went on unabated. Now he is eager to make excuses for overnight millionaires like Rahm. Classic line would be "Madam: The peasants have no bread. Marie: "Well then they can eat cake".

Don't waste your time. Get out while the going is good.