Just when you were breathing a sigh of relief at the close of another tax season, a new study comes out showing the hit that Illinoisans take on property taxes compared with residents in other states.
Illinois has the highest median property tax rate in the nation, with various agencies and entities taking a combined 2.67 percent bite, according to a CoreLogic analysis of real estate property taxes nationwide.
Nationally, the median property tax rate is 1.31 percent, said the Irvine, Calif.-based data provider to financial services and real estate companies. That means that a home valued at $200,000 will, on average, pay annual total property taxes of $2,620.
Read more from the Chicago Tribune here.
Those of us living in McHenry and Kane Counties are being taxed on our residences at a rate close to 4% of property values. If you are keeping score property taxes in McHenry and Lake counties rank 19th and 20th highest in the entire United States.
Most real estate brokers will tell you at these rates, more than 50% of prospective home buyers will shop elsewhere simply because of excessive property tax rates.
This no doubt is the primary reason residents in VBH are having such great difficulty in selling their homes. A depressed economy coupled with excessive property taxation is a toxic mix.
Of course, all of us are subject to further decline in property values by the threat Anderson II Horse Boarding Amendment poses to 5-acre residential estate living (R-1 Zoning) allowing unlimited number of large scale commerical horse boarding operations to appear anywhere in VBH without any village government oversight.
While for the most part VBH cannot control the level of real estate taxation (except for what VBH government demands through levying process) the same cannot be said for Anderson II which is a self-inflicted wound threatening the very character of VBH.
If not repealed, in due time this misguided law promulgated through corrupt and illegal means will be the end of VBH as we know it. The profit making “dude ranch” chasing outside money in part to pay for excessive real estate taxation will replace the sedate non-profit making family estate home.
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See article below.
More bad news for Illinois, and only will get worse in a futile attempt to save the city of Chicago from going bankrupt. Illinois will never pay it’s unfunded pension liability without the help of the
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