Why Are Property Tax Rates 90% higher...

[G in MP]

Originally Posted by Sunbiz1

I did do something about it, and the food prices as well; by stocking up.
But the reality is, there are many not as fortunate as I; and are simply not able to relocate to other states.
Of course, some of these residents were foolish enough to use their own homes as cash stations for businesses; or even vehicles they could not afford.
Even when you're smart with finances, owning property in Illinois vs. renting is about equal...unless you are forced to replace a sewer line. Then renting is cheaper, as it generally takes many years for homes to appreciate enough to offset the high taxes and maintenance costs of owning.

Only until you pay off your mortgage, at which point your housing cost is fraction of what renting would be, plus you got a paid-off house as equity.

The key is NOT to use your house as a cash station, and then never pay off your house. I know enough people who do stupid stuff like that, drawing out any equity to buy cars with it, pay off credit cards only to run up the balance on them again...poor decisions.

[Sunbiz1]

Originally Posted by G in MP

Only until you pay off your mortgage, at which point your housing cost is fraction of what renting would be, plus you got a paid-off house as equity.

The key is NOT to use your house as a cash station, and then never pay off your house. I know enough people who do stupid stuff like that, drawing out any equity to buy cars with it, pay off credit cards only to run up the balance on them again...poor decisions.

And apparently not learning by their mistakes, as your own home should be treated as a savings account.
Your county is the highest in the state:
https://www.tax-rates.org/illinois/property-tax
Using the average(and even rounding down)of $6,000 in Lake over a modest 20 year mortgage, equaling to $120K total property taxes; have the value of homes in this county increased enough to off-set the taxes, mortgage interest paid, and maintenance costs for that nest egg ownership should be creating?.

[RisingAurvandil]

Originally Posted by Sunbiz1

And apparently not learning by their mistakes, as your own home should be treated as a savings account.
Your county is the highest in the state:
https://www.tax-rates.org/illinois/property-tax
Using the average(and even rounding down)of $6,000 in Lake over a modest 20 year mortgage, equaling to $120K total property taxes; have the value of homes in this county increased enough to off-set the taxes, mortgage interest paid, and maintenance costs for that nest egg ownership should be creating?.

If all you're concerned about is dollars & cents, then by all means, rent a small apartment. This is true in any state.

Some of us like to have control of our homes and properties though. I don't have to beg a landlord or HOA for permissions. Maybe an occasional permit from the city.

[Sunbiz1]

Originally Posted by RisingAurvandil

If all you're concerned about is dollars & cents, then by all means, rent a small apartment. This is true in any state.

Some of us like to have control of our homes and properties though. I don't have to beg a landlord or HOA for permissions. Maybe an occasional permit from the city.

You never own your home.
Don't believe me?, stop paying property taxes; and find out for yourself.
One doesn't have to take some apartment to maintain control and privacy, just move to a state that has less political corruption; and is fiscally managed to a better degree.

[G in MP]

Originally Posted by Sunbiz1

And apparently not learning by their mistakes, as your own home should be treated as a savings account.
Your county is the highest in the state:
https://www.tax-rates.org/illinois/property-tax
Using the average(and even rounding down)of $6,000 in Lake over a modest 20 year mortgage, equaling to $120K total property taxes; have the value of homes in this county increased enough to off-set the taxes, mortgage interest paid, and maintenance costs for that nest egg ownership should be creating?.

Well if the topic (as per the thread's initial post) is whether the tax burden in IL is worth it, that's one thing. But, as far as rent vs buy, either way you're paying those property taxes. Difference being when you rent, you're paying the property owner's taxes for them. As are you paying the maintenance costs, mortgage interest, etc...all of that is factored into your rent. "Free" heat or internet? Nope, that's in your rent. Garbage and water/sewer cost? In the rent. All of it. There's no free lunch.

Mobility, that's the main draw for renting...you could just pick up and go when your lease is up for renewal, or even break the lease if you absolutely must. Whereas selling a house is a hassle, I've been through it a bunch of times.

But yes, I do feel absolutely raped by our property tax amount, which btw is double that figure you're posting. But then again, I love where I live, I'm on acreage yet within <hr drive to downtown Chicago. Similar setup near NYC for instance, my mortgage would be easily x3 what it is here, if not more. I hate the taxes here, and ain't crazy about IL politics, but yeh personally I think overall the cost of living is worth it at least in Chicagoland area.

[Sunbiz1]

Originally Posted by G in MP

But then again, I love where I live

Which is all that truly matters.
We all(or at least those paying attention)know why the rates are 90% higher, many posters have beaten it to death here over the years; along with my posting bloated individual pension figures.
There's no do-over on what is owed to retirees promised last century et al.
Also, someone mentioned to me that private property rates in Chicago have risen; but not for businesses?.
If true, that would be unusual; but not unheard of.
Have a happy New Year!

[G in MP]

Happy new year to you as well, Sunbiz.

[Mathguy]

Originally Posted by Sunbiz1

Which is all that truly matters.
We all(or at least those paying attention)know why the rates are 90% higher, many posters have beaten it to death here over the years; along with my posting bloated individual pension figures.
There's no do-over on what is owed to retirees promised last century et al.
Also, someone mentioned to me that private property rates in Chicago have risen; but not for businesses?.
If true, that would be unusual; but not unheard of.
Have a happy New Year!

In some states you pay higher sales tax, or higher income tax or higher property tax etc.

Illinois has something like the 2nd highest property tax in the US of 50 states.

Go google total tax burden and then consider your own personal income situation.

If you don't like it, don't move there. *shrug*

I would be in FL instead of IL if it were not for family and will probably split time in the coming years.