Face it: Property taxes are forcing Illinoisans out of their homes

Discussion in 'Budget & Taxes' started by MolonLabe2009, Oct 14, 2016.

  1. Texas Republican

    Texas Republican Well-Known Member Past Donor

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    I love Connecticut. If I won the lottery, I may move back there. But in the real world, Texas is a much, much better option.

    And shoveling snow sucks.
     
  2. APACHERAT

    APACHERAT Well-Known Member Past Donor

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    *******n the county tax assessor.

    Before Prop 13 the county tax assessor was looked upon as the heroin dealing pusher man.
     
  3. Darkbane

    Darkbane Banned

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    property has a value, just because its assessed at its actual current worth, is NOT the faulty of the property tax rate, nor the assessor... its a reflection of what people likely will pay for it today, if you disagree with your assessment, in every county around this country, you can challenge that assessment and get it reviewed and in many cases likely have it drop a little when you go in search of an assessor who has a "habit" of assessing property lower for just such people, thats why every realtor has names they can contact to either push an assessment higher or lower depending what end of that spectrum they fall upon...

    but the fact remains, the problem is NOT the tax rate, its the dramatic rise in assessed value, as a result of market conditions making those properties desirable...

    why nobody is giving these people the advice they should sell and pocket the $500,000 and move to another area that is on the verge of high demand, is beyond me...

    emotional investors vs logical investors, I can tell you which one will end up a millionaire by retirement and which one will not, I wish more would choose to be millionaires...
     
  4. Seth Bullock

    Seth Bullock Well-Known Member Past Donor

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    The issue is complicated by the fact that different states fund their operations with different types of taxation. So I found a website that looked at the overall tax burden by state, taking into account property taxes, state income taxes, and state sales taxes.

    Illinois ranks 10th in the nation.

    I live in Oregon. My property taxes are fairly low. But last year I paid about 8% of my income to state income taxes. But we have no sales taxes. My state ranked 31st in overall tax burden.

    It sounds like Illinoisans ought to look at their overall tax burden and cost of services they're paying for.

    You can see where your state ranks here:

    https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/
     
  5. APACHERAT

    APACHERAT Well-Known Member Past Donor

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    I love how the tax assessor taxes a million dollar view.
     
  6. Quantum Nerd

    Quantum Nerd Well-Known Member

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    Darkbane is not a Democrat. But he is one of the few on your side of the aisle who you can have a rational argument with, even when not agreeing on the issues. And the points he is making are very valid.

    Yet, buyers still flock to the most expensive neighborhoods. Why? Because they want to get into the best school districts. Also, they hope for price appreciation.

    Like everyone, I dread the day of the property tax bill arriving. However, I realize the property tax serves an important purpose: it keeps property prices down and makes sure that land is used to the maximum possible extent. Without property taxes, big landowners would just hoard land and make it un-affordable for the regular person to buy.

    Now, is property tax too high in some states and counties? Yes it is, but that's a different story.
     
  7. APACHERAT

    APACHERAT Well-Known Member Past Donor

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    To get away from taco trucks, neighbors who sit on their porch with a 40 ouncer in one had and a crack pipe in the other waiting for the first of the month for their Democrats free money. Schools where English isn't taught as a second language,

    There was a time back when America was great when you bought a home and lived in it your entire life and when you kicked the bucket you left to it to one of your children.

    Today people buy homes having no intention of living in the home their entire life but to put it on the market and making a buck and doing it all over again.
     
  8. Quantum Nerd

    Quantum Nerd Well-Known Member

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    Yep, those were the times when taxes were high, households could survive on one income, and unions were still strong. People didn't need to speculate on housing to achieve the American dream and didn't need to relocate all the time when employers wanted to make more money through layoffs and offshoring.

    And then supply-side, winner takes all economic policy set in.....
     
    Junkieturtle likes this.
  9. Professor Peabody

    Professor Peabody Well-Known Member Past Donor

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    It's just so beautiful.....and expensive. I'm going back for Christmas this year.
     
  10. Darkbane

    Darkbane Banned

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    what if it was a millionaire in a $20 million dollar estate, would people be screaming taxes are too high, or should those who have the assessed wealth not be held to the assessed wealth? and I didn't take the tax assessors view, I took the financial adviser view that the BEST thing for this family to do, is to capitalize on their gains by selling the property and walking away with the $500,000 in created wealth from that 13 year period... whats your advice, we should lower property taxes which would then force lawmakers to raise taxes someplace else to make up for the shortcomings? would you advise them to stay in their home and pay the increased taxes that will over time wipe away all that value and wealth they could have realized? seriously what is YOUR advice since you seem to think you have better ideas or knowledge than me on this...

    prove me wrong... what SHOULD we do... should we eliminate property taxes or lower them, whats your plan to replace that lost revenue, did you not have a plan, did you just assume we don't magically need it, or we'll magically just cut spending someplace else to make up for giving people property tax breaks, you realize if they lowered property taxes in that county down to the point where the couple was paying the same amount the day they bought the home, they would have to cut services to the point they likely wouldn't have a functional school system, fire department, or police force? is that what you REALLY want because they likely moved into this area because it had great services as a result of those property taxes... so YOU TELL US, where would the city and county make up all those property tax losses since you don't want them paid... YOU give us the detailed math plan showing us the loss of hundreds of millions in revenue for a county, and show us how you make that up, who's taxes are you raising?

    see this is what annoys me with people on this website and life in general, they never look past step 1 at the next 9 steps in the process to realize the consequences of their actions, they just have an emotional tirade on the surface and want everything their way without any cost levied upon them... so please, you beat my advice, you beat what I suggested in this scenario... in this scenario, I had the family walk away with $500,000 in their pocket, and a life in another home, without any cut in services, you give me YOUR plan to beat my plan... you show me your brilliance in what YOU would do different what would have less impact or more gains for the couple and county...

    PROVE ME WRONG (*)(*)(*)(*)(*)(*)(*)...
     
  11. FreshAir

    FreshAir Well-Known Member Past Donor

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    my parents did that too in Iowa, inflation is good as long as wages keep up, as it means you make more and the loan is the same

    right now the issue is wages have not kept up for this next generation

    we need to make sure the system works for the next generations too

    .
     
  12. MolonLabe2009

    MolonLabe2009 Banned

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    Connecticut has really strict gun control now. Why would want to move there?
     
  13. BestViewedWithCable

    BestViewedWithCable Well-Known Member

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    Democrats dont care if you lose your home, they want money, and they believe they can spend your money better than you can.
     
  14. Jack Links

    Jack Links Well-Known Member

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    The problems is WASTE of tax money. They waste it b/c they can always steal more from the people if they want to.
     
  15. Jack Links

    Jack Links Well-Known Member

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    And then they'd have to pay a capital gains tax. Punish success. And, if they wanted to stay in their area, a lower priced home would be prone to crime. Not much to gain there, eh?
    Your scenario, they'd have to bounce around the country to find a good neighborhood with a tax rate they could afford.
     
  16. danielpalos

    danielpalos Banned

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    Seems like special pleading.

    Here is what a tax calculator on the web gave me for Lake County, IL:

     
  17. Right is the way

    Right is the way Well-Known Member

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    The big question is why are taxes so high. Often it is high because of the people you vote for and put in charge at the local level. If you continue to vote for bond issues to build stuff you really do not need or does not cash flow you will have to service the bonds somehow. Most often than not people make their own misery and then complain about it.
     
  18. TrackerSam

    TrackerSam Well-Known Member Past Donor

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    So when you combine the state and county taxes it's almost 5%. There's a black hole known as Chicago that sucks all the money in.
     
  19. danielpalos

    danielpalos Banned

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    It is almost incredible that Illinois has an infrastructure problem, with such high tax rates.

    Prop.13 in California took the opposite direction; and, it has been blamed for plummeting infrastructure in California.
     
  20. Darkbane

    Darkbane Banned

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    I notice you didn't prove me wrong, all you did was cite more rhetoric... prove me wrong... show me how you can cut the property tax rates by half, and not diminish public schools, police, fire, etc etc... almost their entire county budget is based on property taxes from each village/town/city within it, and the bulk of the village/town/city budgets also come from property taxes... so YOU PROVE ME WRONG... how do you cut the property tax bill in half, and still fund government, you show me how you can lose half your budget and still maintain ANYTHING... but like I already said, you won't prove me wrong, because all you have is rhetoric... you don't understand the concept that the tax percentage is just fine, its the dramatic rise in assessed value because that area has extremely high demand over the past 13 years, which is why their property value TRIPLED... the problem isn't the property tax rate, its the wealth they generated in that new value, and not being willing to sell and capitalize upon that and walk away with $500,000 in their pocket...

    I guess I didn't expect much from someone who constantly post one-liners as a response, you never had anything to add in intellect, just emotional outrage... you sure you're not a liberal? feel feel to prove me wrong still, I would LOVE it, show me how you cut half the government budget for that area, and still maintain anything people moving there want... I bet they would be mighty pissed once you hacked away and destroyed everything they moved there for in the first place... but give it a go... under your plan, you destroy everything that made life worth moving there for, under my plan, they walk away with $500,000 and created immense wealth for themselves...
     
  21. Darkbane

    Darkbane Banned

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    see you just proved how stupid and ignorant you are... you realize there is a $500,000 exemption for capital gains on home sales for a married couple... I guess you didn't know that, because you just said they would have to pay capital gains, despite me repeatedly saying they would walk away with $500,000 in their pockets... see thats the difference between the two of us, I have experience and knowledge and applied that to this scenario to give these people the best financial advice, while you applied your stupidity and ignorance on the subject and basically told them to sit still because they would have to pay capital gains so why bother trying right? just give up is your solution...

    and once again you don't seem to understand the tax rate is NOT the issue, its the ASSESSED value of the home thats the issue, the tax rate is basically the same county wide in ALL of illinois... little variance at all... its the fact their home went from $227,000 in value when they purchased it to $750,000 in just 13 quick years... you clearly don't understand the issue at all, as clearly repeated by your continued stupid remarks about the tax rate being the issue, or capital gains being an issue, etc etc etc... why don't you just sit down, grab a book, and read it, because you clearly need some more education on finances since you can't prove me wrong, you can't demonstrate how you'd replace the lost revenue to keep city and county services going... if anyone ever asks you for financial advice, please remember you're clearly not qualified to give it... do THEM a favor and refrain from saying anything...

    game set match you idiot...

    P.S. you keep saying I am punishing success, I am trying to REWARD them and have them capitalize on the $500,000 gain tax free because of the house sale exemption... you on the other hand want them to keep paying property taxes or give up the city services they likely moved there to obtain in the first place... you're the one punishing them, I'm rewarding them because they are in the perfect scenario to pocket $500,000 TAX FREE!!!!!!!

    P.S.S. and just to educate you a little more, this is why many people buy a home in a hot upcoming area, and every 2 years they sell, to realize the TAX FREE capital gains on the property... gosh I wish you weren't so stupid, you make me worry for america, because you don't understand simple things like this which create immense wealth and really lift people up... I mean you want them to give up $500,000 in tax free gains, because you're emotional and don't have the intellect to do whats fiscally conservative and beneficial... you must be a liberal, because no fiscally conservative person I know would tell someone not to capitalize on a $500,000 tax free gain...
     
  22. MolonLabe2009

    MolonLabe2009 Banned

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    I always vote for lower taxes and less regulation.

    I vote no on any proposition that requires a bond, a new tax, or more regulation.

    I vote freedom and liberty first.
     
  23. Jack Links

    Jack Links Well-Known Member

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    I gave an example of them wasting money on apple computers instead of Android which would save money.
    And you're still in denial of the fact that people do not care if they spend other peoples' money. They waste it. Human nature. Without checks and balances they will continue to do so.
     
  24. Jack Links

    Jack Links Well-Known Member

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    And what makes you think these city services are so wonderful? They're inefficient and wasteful. That's why cities suck so bad. High taxes and poor services. City police chiefs are appointed, not elected. So if the city council tells them to stand down and let the thugs have a run of things, they have to.
    In other cases they hide illegal invaders. That is why Sheriff Arpaio (elected by the people) went into cities to root out these invaders. The city was hiding them.
     
  25. Darkbane

    Darkbane Banned

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    okay so you saved about a couple thousand dollars, you still have a few hundred million to go for this ONE county alone... you'll need to do that for all the other counties as well, let me know when you come up with more than apple computers... like I said, in my example of advice, the couple walks away with $500,000 CASH, in your example, they eventually lose all potential gains... thanks for playing the game good advice bad advice game, you lose...

    - - - Updated - - -

    so once again, in my example, they walked away with a $500,000 profit, and in your example, they didn't... thanks for demonstrating you don't have a solution, just rhetoric...
     

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