patrick.net

Saw shitloads of IL people in Atlanta (usually from south side) and Arizona (usually white)

A bunch of people I worked with in Chicago are out here near SF now. But maybe that's more a tech bubble thing.

Well , I think IL now has the highest property taxes in the nation and has exceeded NJ. Perhaps that has something to do with it?

lostand confused says

IL loses most residents in 2016

They are going to California. The land of high taxes, high housing costs, and high living costs. Fools.

lostand confused says

Well , I think IL now has the highest property taxes in the nation and has exceeded NJ

Where my parents live at Jersey Shore, it's probably 1.9-2%, but where I live (Essex), it is anywhere between 3.25-4%.

I thought more people were leaving due to crime and wanting better neighborhoods for kids, at least amongst the Atlanta crowd.

Those going to Arizona over last 20 years, seemed to be escaping the cold winters, although I'm sure taxes are part of the issue.

Ironman says

What the hell are you doing up there??? Don't you love us anymore down here?? We have lower taxes

Yeah, I am working in Newark for the time being, hopefully longer term. If I had to commute from Toms River, I'd have to wake up at 4 am instead of 5:30am.

I visit about 1-2 times per month.

Ironman says

Chicago is projected to see a 9.1 percent increase

Anecdotally, I talked to about 20 different uber drivers from Chicago area while in Atlanta over a 2 year period, mostly from southside. They almost universally said leaving due to crime and little better weather. Also, most of those guys were probably renters.

Strategist says

They are going to California. The land of high taxes, high housing costs, and high living costs. Fools.

Although Chicago has a lot of nice features, if I have to spend money, I like good year-round weather, which IL cannot offer

Ironman says

Did they give you a Kevlar vest so you could walk the streets?

It's not THAT bad, plus I don't walk on quiet streets late at night. Broad street is making comeback

Ironman says

morning during rush hour to bring my wife for a procedure

hope she is OK

Each Illinois household would pay an additional $1,125 in taxes each year, on average, under the Senate's tax-hike plan.

The Illinois Senate passed a series of tax hikes May 23 that will raise more than $5.4 billion in new tax revenue. Senate Bill 9 hikes income taxes, expands sales taxes, and increases franchise taxes.

The tax hikes are part of a record $37 billion budget that the Senate also passed May 23.

The Senate approved the tax hike bill by a 32-26 margin, with no Republicans voting in favor.

SB 9 does the following:

Hikes personal and corporate income taxes by $5 billion. The personal income tax rate increases to 4.95 percent from the current 3.75 percent rate. The corporate income tax rate rises to 7 percent from 5.25 percent.
Expands the sales tax to laundry and dry-cleaning services, as well as storage and other services to bring in $55 million.
Raises $54 million in cable and satellite TV taxes.
Closes corporate loopholes worth $125 million.

The total $5.4 billion tax hike means each Illinois household will eventually have to pay $1,125 in additional taxes annually.

Under the Democrats’ plan, new taxes will apply to many services previously untaxed. And because the Senate has failed to pass a property tax reform package, Illinoisans will continue to see their property taxes – the nation’s highest – go up even more.

Because the income tax hike is retroactive to Jan. 1, 2017, personal income taxpayers will pay an effective tax rate of 5.81 percent on their earnings for the remainder of the year.

https://www.illinoispolicy.org/illinois-senate-democrats-pass-5-4b-tax-increase/

I have two friends from college who moved out of Illinois in the last eight years because they could do their type of job somewhere that didn't rape them anally in taxes.
There's little reason to #remain if you have the option to GTFO.

Why is it always the Blue States that are always broke?

Chicago colleague at work just quit and is moving his family to Denver. He said the high taxes and high crime we're the reason.

Easy, they just got tired of eating juicy steaks all the time.

Strategist says

Why is it always the Blue States that are always broke?

handout money always runs out

My colleagu who lives there by the Wisconsin border was looking for horse proeprty. he found a nice one somewhat close to work-5 acres with barn, fences etc for 275k. Then he looked at property taxes-21k a year- yup 21k-that is almost 10% per year.

See the stupid state will not assess property taxes based on purchase price-they have some complex formula, whereby they magically have some number based on some weird comparisons and then asses property tax on that. if proeprty prices go up, taxes go up, if property prices go down, tax rate goes up.

Then on top of that they want income tax hikes, sales tax hike etc etc. meanwhile the gubmnt workers get fat as a tick .This is dem utopia, too bad the voters keep voting for the same crap.

Oh and the leader of the dems who rules the state with an iron fist-has a booming side business from which he-Madigan-makes millions and millions of dollars. he runs a firm that lobbies cities and the state to lwoer property taxes for big corporations and the like and gets millions from that-legally. Go figure.

At least Wisconsin outside of Milwakee and madison are decent. Plus if the income tax raise goes through-WI will start looking mighty attractive for many northern residents.

In a word....Suckers.

Where did he find 5 acres for $275k? And $21K for taxes? That doesn't seem correct. I'm assuming it was Antioch, Wadsworth, Gages Lake or somewhere around there and every place I've seen is both more expensive and with taxes well under $10K.

joeyjojojunior says

Where did he find 5 acres for $275k? And $21K for taxes? That doesn't seem correct. I'm assuming it was Antioch, Wadsworth, Gages Lake or somewhere around there and every place I've seen is both more expensive and with taxes well under $10K.

This was in waukegan , bordering Libertyville/Green Oaks- but a few years ago. it might have gone up now-but taxes were 21k. There is a subdivision there-where 15k + taxes are the norm so the houses are 400k-luxury homes, but taxes are extreme.

I looked for one in Antioch, lovely property for 345k -17k in taxes. i am like wtf??? At least if income taxes are high-you lose your job, you don't pay-but property taxes are high-you are stuck and unlike CA, they don't stay at the tax rate you egt when you buy.

Lot of people in Gurnee -ina subdivision where another colleague lives- bought homes 270-310k and are paying 10-13k in taxes. Just your basic tract subdivision home. They claim once upon a tiem these houses were 450k and so that si where the tax is at or soem such.

That seems very high. In Libertyville, $450K houses have ~10K in taxes. If the neighborhood you're talking about with $15K+ taxes is in Green Oaks/Libertyville, then the home prices are probably $750K +. You can't get much for $400K anymore there--certainly not what most people would consider luxury homes. Best you could do is probably a 1960s 3/4 BD 2000 sq. ft. home.

Not really. Take a look at the taxes here. The 600k+ home has 37k taxes per year. the 400k+ home has 27k in taxes-short sale. That division ahd a ton of short sales and foreclosure-taxes would be my guess.

The colleague passed-this was 2-3 years-but I believe the property was on the waukegan side. However if trump's tax proposal passes and folks can't deduct their property taxes-this will be a big shock to IL. maybe I should buy up more property in WI and Indiana!!

http://www.realtor.com/realestateandhomes-search/Daybreak-Farm_Libertyville_IL

3k a month in property taxes?

That's definitely an unusual case. That house is on the edge of Libertyville and not in Libertyville schools so I don't know the story on it.

I agree though--if the property tax isn't deductible, that's a big hit to IL residents!

CA needs to follow the same formula as IL to get some of these people the hell out of here 😛

BayArea says

CA needs to follow the same formula as IL to get some of these people the hell out of here

Already happening:

http://www.chicagotribune.com/ct-chicago-debt-rating-met-20150227-story.html

Moody's downgrades Chicago's debt rating

Citing an overwhelming pension burden, Moody's Investors Service on Friday dropped Chicago's rating to Baa2, two notches above "junk" status. The downgrade could trigger penalties of $58 million on interest-rate swap contracts tied to the city's bond issues, unless officials can renegotiate the terms.

The city has $8.3 billion in taxpayer-backed bond debt, thanks in part to its expensive habits of putting off principal payments and using debt to close budget gaps.

Chicago's four pension funds have about $20 billion in unfunded debt. Without further action by the state, Chicago will have to increase its payments to those retirement accounts by $600 million next year and even more after that. Recent efforts to manage those ballooning obligations by changing two of the funds are tied up in court battles.

"Decades of pension underfunding, failure of the General Assembly to provide pension reform, and the city of Chicago's years of reliance on debt to fund operations have put the city in this financial position," said Civic Federation President Laurence Msall.

"It is difficult to see how the next administration will be able to maintain the level of pension funding required under state law, as well as its rising debt payments, without significant new revenue or dramatic reductions in city services."

The rating change comes in the middle of a heated mayoral race in which the city's difficult financial condition has been a central issue. Richard Ciccarone, president and CEO of Merritt Research Services, a municipal bond analysis firm, said that timing may help make fiscal stability an even higher priority.

"(Mayor Rahm) Emanuel's been addressing this more directly right now than what's coming from the other candidates," he said. "Moody's may be doing the city a favor by putting this front and center."

An analysis by Ciccarone's firm found that — even before the downgrade — Chicago had the worst rating of any of the 30 biggest U.S. cities, according to Moody's. The two other major ratings agencies have Chicago tied with the debt-plagued city of Philadelphia, with both ranked below all the other major cities they rate.

As recently as 2010, Moody's rated Chicago bonds at Aa3, five notches above where it is now.

"That downgrade is a cry for help," said Matt Fabian, managing partner at Municipal Market Analytics. "It is a strong message that Moody's and therefore investors need reassurance that things are going to get better."

The Emanuel administration, for its part, faulted Moody's for "ignoring the progress that has been achieved." Emanuel has been praised for reducing chronic budget shortfalls by increasing fees, fines and certain taxes.

The downgrade is unlikely to drive up borrowing costs significantly, thanks in part to high demand for municipal bonds, Fabian said.

But Chicago could face another hefty payment as a result of the downgrade. Four of Chicago's interest-rate swap contracts terminate automatically if the city's bond rating falls below Baa1, forcing the city to make $58 million in termination payments, according to the Moody's report.

Kelley Quinn, a spokeswoman for Emanuel, said: "The city is evaluating the impact of the downgrade and is working to minimize or eliminate any adverse impacts."

Emanuel has touted his successful effort last year to secure state changes to two of the city's pension funds so that employees are paying more and getting smaller annual cost-of-living benefit increases. In exchange, the city is increasing its payments into those funds by $50 million five years in a row, until the overall increased annual spending hits $250 million.

To come up with the $50 million this year, the City Council and mayor increased the emergency service fees on all telephone bills mailed to city addresses. Neither the mayor nor Garcia has laid out a plan to deal with future increases.

Current and retired city workers have challenged the pension fund changes in court, saying they violate the Illinois Constitution. If Chicago loses those cases, projected pension costs could increase, and Moody's said the city's rating could drop further.

An even bigger pension obligation facing Chicago is a requirement that the city increase its payment into the retirement funds of police officers and firefighters by $550 million next year..

Typical dem response. Apaprantely property taxes in IL are the highest in the nation because the state is not spending enough money on education. Spend money, spend money-not one word about cutting expenses, cutting pensions, having private schools instead. I mean when is it enough for the dems, tax, tax, tax, tax.

http://chicago.suntimes.com/columnists/lets-understand-why-illinois-has-the-highest-property-taxes/

lostand confused says

I mean when is it enough for the dems, tax, tax, tax, tax.

Republicans tax the poor and middle class just as much. They just spend it on defense contract welfare queens instead of education.

lostand confused says

having private schools instead.

So will the private schools be paid for with taxes? Or are you just going to create massive numbers of criminals from the lower class? You know all those uneducated kids are going to have to turn to crime for a living when they cannot get any job because of their lack of education. So then what? Cut taxes again by firing all the police and let the rich hire private police for themselves? I've seen this movie. It's called The Purge.

zzyzzx says

www.youtube.com/embed/rog8ou-ZepE

Illinois is going down the crapper.