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Old 09-01-2014, 11:48 AM
 
1 posts, read 1,360 times
Reputation: 10

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The property tax in Naperville is outrageous. Our social security benefits, if there will be by the time we retire, may not even be enough. Our children are all grown-up and we are ready to down size. What place can you suggest for us to move.
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Old 09-01-2014, 01:45 PM
 
Location: Not where you ever lived
11,543 posts, read 28,364,131 times
Reputation: 6381
If you are not retired yet here are some things to consider.

1- Illinois does not tax SS, SSI, or corporate pensions. Stocks, bonds, CD, IRA are excluded.
2. Seniors receive Homeowner and over 65 real estate tax reduction. Other reductions are available, but it is income based. Not all states offer this.
3. South of I-80 the IL COL is 35-50% less than Cook County. Cost of housing is less for a comparable home and utilities are lower. No suburbs. No stickers needed to park on any street. Parking decks and private lots charge a fee.
4. Large housing inventory stock. Location and type of housing dictate real estate tax. It costs more to own housing in an upscale community than it does in a quiet older subdivision. It costs more to live in a city than it does to live in the county. The trade-off is in internet quality/speed and county services such as response time from police and fire, and snow removal. The trade-off will be similar where ever you live.
5. Illinois recognizes seniors may require extra help. It is available through your county. The time from contact to service is usually short. Cost if any is determined by income. In other s aftates I've looked at the services I use either does not exist, or it is a two year wait or longer after I apply. In both cases, state pays no portion of the cost.
6. Illinois has very good medical services throughout the state. Not so in other states where I lived. One really doesn't understand how bad care can be until faced with a medical crisis.
7. Many Illinois communities have small hospitals that offer very good care and life-flight services to larger hospitals.
8. Winter weather downstate can be hateful, but there is no "lake effect" weather.
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Old 09-01-2014, 05:55 PM
 
219 posts, read 340,288 times
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Social Security Benefits were designed to subsidize retirement income, and regardless of the "rumors" will be around for quite some time. Although the state does not tax them, the federal government may...depending on any other income.

Smaller towns in Illinois still have high property taxes..unless you purchase a modular home or pole barn structure.

Unless you just want to stay in Illinois, you should look into Florida or Nevada. Better weather and lower property taxes...and better services for your tax dollar. Depending on the location, the COL may be comparable.
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Old 09-01-2014, 06:28 PM
 
Location: broke leftist craphole Illizuela
10,287 posts, read 15,867,955 times
Reputation: 19997
Northwest Indiana. The senior exemption doesn't do much. It takes ~$200 off my Mother's $7500 bill. Otherwise I'd want to retire to someplace in the south. Ideally a red state not run by corrupt dummycraps who feel there is nothing wrong with taking the majority of your money.
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Old 09-01-2014, 10:53 PM
 
Location: Not where you ever lived
11,543 posts, read 28,364,131 times
Reputation: 6381
And my senior exemptions reduced the tax bill about 75%.

Quote:
Originally Posted by MSchemist80 View Post
Northwest Indiana. The senior exemption doesn't do much. It takes ~$200 off my Mother's $7500 bill. Otherwise I'd want to retire to someplace in the south. Ideally a red state not run by corrupt dummycraps who feel there is nothing wrong with taking the majority of your money.
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Old 09-01-2014, 11:00 PM
 
Location: Not where you ever lived
11,543 posts, read 28,364,131 times
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I don't think is entirely true. Is $2000 tax on a 1965 3/2 ranch SFH with attached double car garage, and finished basement on a large lot unreasonable? This is before any senior/homeowner deduction. It is not mobile. It is a brick and frame home, 250 miles south of Cook County, in a large metro area.


Quote:
Originally Posted by Beachgoer44 View Post
Social Security Benefits were designed to subsidize retirement income, and regardless of the "rumors" will be around for quite some time. Although the state does not tax them, the federal government may...depending on any other income.

Smaller towns in Illinois still have high property taxes..unless you purchase a modular home or pole barn structure.

Unless you just want to stay in Illinois, you should look into Florida or Nevada. Better weather and lower property taxes...and better services for your tax dollar. Depending on the location, the COL may be comparable.
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Old 09-02-2014, 03:26 PM
 
Location: broke leftist craphole Illizuela
10,287 posts, read 15,867,955 times
Reputation: 19997
Quote:
Originally Posted by linicx View Post
And my senior exemptions reduced the tax bill about 75%.
:: Cook County Treasurer's Office - Chicago, Illinois ::

2. Senior Citizen Homestead Exemption
Seniors can save up to $250 a year in property taxes, and up to $750 when combined with the Homeowner Exemption. For the 2013 tax year, the applicant must have owned and occupied the property as of January 1, 2013 and must have been 65 years of age or older during the year for which you are applying.

In most areas of the Chicago metro area property taxes run 1.75 to 2.25% of the home's total value yearly so $5000-10000.
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Old 09-02-2014, 05:22 PM
 
Location: Not where you ever lived
11,543 posts, read 28,364,131 times
Reputation: 6381
I do not know anything about Cook County real estate taxes. In my county Veterans active and retired quality as does persons with certain medical conditions, and marriage status. There is more to the tax than this.

A home that lost value also qualities. Fill out the paperwork, and present it in the time frame stipulated by each county, and present it with a fresh house appraisal, and state why it has devalued. A house sold for $500000 in 2000 may not appraise for $500K today.

When all items are taken into consideration it is possible to reduce the tax more than expected. The House Appraisal is the hardest to finish. The time limit set by the county is short, and most appraisers are booked several weeks in advance .
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Old 09-03-2014, 01:59 AM
 
365 posts, read 447,850 times
Reputation: 751
The reality is IL is likely in the beginning of a death spiral brought on by municipal and local Government pension obligations as well as the teachers pensions (20 month payback on contributions - really - see footnote below)

Tennessee is awesome tax wise. Just note the tax and exclusions on dividend and interest income.

Footnotes:

Transparency group opens the books on Illinois school district spending - Illinois Review
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Old 09-03-2014, 07:20 AM
 
Location: broke leftist craphole Illizuela
10,287 posts, read 15,867,955 times
Reputation: 19997
I think Illinois and many muncipalities are going to have to have some sort of managed bankruptcy bail-out deal similar to Greece and the other European countries that became insolvent.
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