Realistic expectation for property taxes next 5+ years (no politics please) (Brooklyn: low income, sale)

[MSchemist80]

I think he means reduce current ones and phase out future ones in favor of a buyout into a 401k+SS plan. I think that is eventually going to have to happen. Something like a graduated pension haircut and payout cap followed by buyouts for the 401k system. I think the federal govt is going to have to mediate and force that when the money runs dry.

You can read about what happened with Pritchard, Alabama when the money for the pensions ran out. Also Detroit and Puerto Rico.
https://www.nytimes.com/2010/12/23/b...3prichard.html

[Bitey]

Originally Posted by ChiGuy2.5

Curious what you mean by the bolded (not accusatory or anything, rather curious/concerned)

What do you mean by delinquent with regards to pensions? Are you saying to write them off?

The state pension system is ~25% funded. They will be written off by necessity one way or another, either through a negotiated restructuring process or by the state literally being unable to meet its obligations when due.

[Grlzrl]

In 2016, my assessment went up over 40%. I finally took the bull by the horns and appealed it myself. I got it down pretty good. Then in 2019, they raised it another 26%. I have gotten it down some but I am still appealing. This time, I am taking it as far as I can. We have to push back on these people. I post everywhere I can how to appeal, deadlines, etc. I keep hoping all these Northshore women finally put 2 & 2 together and get that they keep voting these same people in that raise the taxes over and over. It kind of rubs me the wrong way when they have the cajunas to gripe about property taxes. But I can tell you that when people see the state income tax hikes coming down the pike that they will have to pay in 2021, THAT'S when things will get ugly. I have never seen so many people so angry as last time they did it. That was 2017. This is going to make that look like chickenfeed in comparison.

[damba]

Originally Posted by Grlzrl

But I can tell you that when people see the state income tax hikes coming down the pike that they will have to pay in 2021, THAT'S when things will get ugly. I have never seen so many people so angry as last time they did it. That was 2017. This is going to make that look like chickenfeed in comparison.

You are out of the loop.

The majority of IL taxpayers (individuals and families earning up to 250k) won’t bat an eye at the proposed increase. It’s a ladder approach, with earners below 100k actually paying *less* than they do now. Between 100k and 250k stays at 4.95%.

[MSchemist80]

Originally Posted by damba

You are out of the loop. It’s a ladder approach, with earners below 100k actually paying *less* than they do now. Between 100k and 250k stays at 4.95%.

I place "no one earning <$250k will see an increase" in the same category as "temporary income tax hikes," "The red light cameras are about safety", and "the tollways will be free by 1980."

[damba]

Originally Posted by MSchemist80

I place "no one earning <$250k will see an increase" in the same category as "temporary income tax hikes," "The red light cameras are about safety", and "the tollways will be free by 1980."

The chip on your shoulder prevents you from thinking logically.

[MSchemist80]

Originally Posted by damba

The chip on your shoulder prevents you from thinking logically.

The Illinois govt habitually lies and breaks promises. They have zero credibility with me. Oh its just a temporary income tax hike so we can catch up on our bills, we'll phase it out within 5 years. Nope permanent. If we raise income taxes we'll lower property taxes in exchange. Nope raised them both. Now they expect us to believe that if we vote them the power to adjust the income tax rates for different income levels that they will only raise it on the rich when their sad history has been to always soak the middle and working class.

There is a bridge for sale in Brooklyn you should consider buying.

[ChiGuy2.5]

Originally Posted by MSchemist80

I place "no one earning <$250k will see an increase" in the same category as "temporary income tax hikes," "The red light cameras are about safety", and "the tollways will be free by 1980."

Originally Posted by damba

The chip on your shoulder prevents you from thinking logically.

I hate feeling so pessimistic but I have to agree with MSChemist. Without true reform I can't see them not being able to touch those making less than 250k. After all, many of the richest citizens have the resources to hide/limit income or move it out of state. The poorest don't have that luxury.

You start taxing the elite and they will find a way.

[Chicago60614]

Originally Posted by damba

You are out of the loop.

The majority of IL taxpayers (individuals and families earning up to 250k) won’t bat an eye at the proposed increase. It’s a ladder approach, with earners below 100k actually paying *less* than they do now. Between 100k and 250k stays at 4.95%.

I would hope most people who hear they'll be paying "less" understand that really they'll only be paying $2 less for every $1,000 they earn. I think they should have started the rates out at a better savings than just 0.2% lower than the current rate or everyone is just going to think it's a smoke and mirrors game.

Most everyone I have talked to immediately says they'll vote no for it, not because any of them would pay more in taxes with this specific proposal, but because it opens the door to future changes in the rates and income brackets. That's the BS part.

I'm voting no. They need to fix the system and do something more than just constantly asking for more money.

[damba]

Originally Posted by ChiGuy2.5

I hate feeling so pessimistic but I have to agree with MSChemist. Without true reform I can't see them not being able to touch those making less than 250k. After all, many of the richest citizens have the resources to hide/limit income or move it out of state. The poorest don't have that luxury.

You start taxing the elite and they will find a way.

You and I clearly have very different ideas of what is considered ‘elite’ level income, and also the numbers of IL who could realistically relocate as you have described.