Kiplinger’s annual state tax analyses found Illinois’ second-highest property taxes, eighth-highest combined sales tax and above-average income taxes are costing middle-class families more than anywhere else in the country.
The reports also determined Illinois retirees pay the second highest rates combined in the U.S. for property, sales, income and estate taxes. Only retirees in New Jersey paid more thanks to the state’s inheritance tax.
Corroborating reports show Illinoisans paid the nation’s highest taxes in 2022, costing each family 16.8% of their annual income. The same family would pay less than 10% of their income to taxes in 30 other states.
This nation-leading tax burden is driven primarily by Illinois’ second-highest property taxes, which are double the national average.
The Kiplinger report estimates property taxes cost Illinoisans $2,241 yearly per $100,000 of assessed home values. That means the median state homeowner is predicted to pay about $5,688 in 2022.
If Illinois property tax rates continue to increase at their long-run average rate, the typical homeowner will pay more than $2,100 in additional property taxes over the next four years. For middle-class families and retirees concerned with higher costs, that could mean considering a more tax-friendly state — and many already are.
More here.
And Illinois voters even want MORE of where that came from! Re: Nov8