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I just saw the condos next door to were I lived in Chicago come up for sale...about 3 blocks south of Wrigley by school and Sheffield. (My friend is a realtor there and I'm on their email list so I see these all the time.)
400k and 12k a year in property taxes....and this is before the coming increase.
Tell us steeps, do you know what happens to property values (when all else is equal) when you throw another $100/month or so on in property taxes?
Not sure if you are an owner or a renter but either way you either just lost asset value or will be seeing a rent hike next year.
Unions support politicians with campaign contributions extorted from members dues. Politicians reward unions with lavish pay, benefits and retirement programs. Problem is, no one represents the TAXPAYERS. It's way past time for a serious taxpayer revolt in this country. The working people in the private sector have been fleeced by government far too long.
Public sector unions + Taxpayer revolt = California
so-called "taxpayer revolts" end up being more like "rise of the landed gerontocracy."
if illinois wants to get its finances under control it needs to pull a Wisconsin and kill the public sector unions. I seriously doubt that will happen, though.
Yes, they should. Older lefties, too. This is exactly what they want. Now they have the perfect opportunity to go fund it.
The pensioners who are collecting these benefits should not be permitted to move out of the state. To continue collecting, they need to be contributing back in the form of sales and property taxes. Those that move are cut off. No taking your ill-gotten gains to Florida or another low tax state.
Location: East Central Pennsylvania/ Chicago for 6yrs.
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Quote:
Originally Posted by Mathguy
I just saw the condos next door to were I lived in Chicago come up for sale...about 3 blocks south of Wrigley by school and Sheffield. (My friend is a realtor there and I'm on their email list so I see these all the time.)
400k and 12k a year in property taxes....and this is before the coming increase.
Tell us steeps, do you know what happens to property values (when all else is equal) when you throw another $100/month or so on in property taxes?
Not sure if you are an owner or a renter but either way you either just lost asset value or will be seeing a rent hike next year.
First Wrigleyville is a SOUGHT AFTER AREA and due to apt and condo infill one on the densest areas on the North Shore. I agree taxes as this is ridicules FOR ME... My wages are WAY LOWER then to afford it.
Again I'm in small town PA. My Real Estate taxes DOUBLED because of schools. Many families from NYC Boroughs and Philly looking for good schools Gang free and CHEAPER HOUSING on the internet. But are largely Welfare recipients to my hometown. They don't come for plentiful jobs... not many.... I live outside the city in the Township. Same school district.
So schools in the early 2000s that they considered consolidating the Elementary school built in the 80s. Into the Junior-Senior High School. Not considered today. These new transplants are White, Latino and African-American. Some small towns are becoming predominately Latino, some more African-American and my hometown has gotten a even mix to more White's.
I do not exaggerated here. As you should know... cities like San Francisco and Boston so fully Gentrified. Most is very expensive. Manhattan into Brooklyn WORST THEN WRIGLYVILLE LAKEVIEW FOR CLOSET APARTMENTS. I live 3 hours to NYC and 2 1/2 to Philly.
You cite Wrigleyville Lakeview example.... THE NORTH SHOW IS THE MOST DESIREABLE AREAS OF THE CITY. IT IS COMPARABLE TO MANHATTANS MOST DESIREABLE AREAS. BUT VS. THEM.... CHICAGO IS A BARGAIN AND FAR BIGGER APT'S.
But if you go further West.... the NORMAL PRICED HOUSING COMES IN.
Some Random .... Redfin homes for sale.... I CHOSE HUMBOLT PARK. MIXED NEIGHBOORHOOD parts LATINO POPULATION TOO. But near Gentrifying areas too.
I TIRE OF THE WHOLE CITY OF CHICAGO BASHING IN POLITICAL THREADS.... NOT FOR ME... THIS IS MY LAST REPLY HERE. MOST MERE GIVE QUICK TRASHINGS TO THE CITY ON THEIR POLITICAL AGENDA AND NEVER EVEN LIVED IN OR VISITED THE CITY....
The only saving grace is Chicago is quite different than detroit. Detroit experienced depopulation, loss of its primary industry, high unemployment. Chicago is plagued by a single catalyst - public sector pension liabilities.
Why did Detroit experience depopulation? High taxes, which can lead to the depopulation of Chicago, coupled with loss of industry/business.
Unfettered spending and sweetheart retirement programs for public workers, and now they're in a massive hole - even after raising taxes to historic levels.
The chickens have come home to roost.
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Last month, the Chicago City Council approved a $7.8 billion budget that includes a highly unpopular tax hike proposed by Mayor Rahm Emanuel to make up for years of underfunding city workers' pensions. The package included a $543 million property tax hike, phased in over four years, increases in other fees, and spending cuts aimed at filling a $20 billion hole in the city's pension obligation.
I'd say it's more a case of over promising through bias negotiations, more than under-funding. You can't fund anything without the money... What a shocker!
How to make the whole state of Illinois look like Detroit- presented by liberal politicians.
You can bet that the properties owned by the politically connected in Chicago will be passed over for the increase.
Just like when they found out they were filling their swimming pools with fire dept trucks and water.
Or when the guy running O'Hare had city workers put in his new cement patio.
Or when the Sun Times investigation found out that when the city put in sidewalks in front of peoples property that the normal bill was $3,000 but for a number of alderman, their relatives etc. they were only billed $20 etc.
I could keep going but you get the picture.
Has Oprah changed her state of residency to Florida yet? or did she do that years ago to avoid taxes?
Steeps, the point was the property taxes not the cost of the homes.
Secondly, since you've clearly never bought a home please realize that the properties you cited will typically have their taxes adjusted after the sale. Most cities use gradual increases to keep from pricing out older people but upon sale they adjust to the current realistic valuation.
I'm beginning to think you don't grasp the situation as you've not been in the position but consider that if your home is 150k with a 30yr mortgage at 5% with 5% down your payment is $764. Your property taxes alone in parts of Chicago can easily be another $200-$300 a month (or more) and for an older couple on fixed income that has paid off the home it's not an insignificant amount.
That you blow off the level of corruption in the city is just ignorance. It's pervasive. Heck, the head of the public schools just got busted for steering millions in contracts. If you don't know what the trucks for hire scandal is or how "Quarters" Boyle got his nickname then you're clearly wayyyyy in over your head on this topic.
I'm not here dogging on Chicago for political reasons. I'm upset because it impacts my family and friends whom still live there and pay for the corruption out of their wages.
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