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Archive for the ‘Pension Funding’ Category

New data: Illinois homeowners pay country’s highest property taxes

Posted in Barrington Education Association, Diversity, Equity and Inclusion (DEI), Illinois Federation of Teachers, Illinois Policy Institute, Look For The Union Label, Overhead, Pension Funding, Politics, Pritzker’s Rules of Order, Property Taxes, School Districts, Springfield, Taxes, Unions, What the Ficke (Bradford)? on May 27, 2026| Leave a Comment »

 

The state again had the highest residential property tax rate in the U.S. in 2024, tied with New Jersey.

By LyLena Estabine | Illinois Policy Institute

Illinois remains at the top of the country in homeowner property taxes, tied with New Jersey.

Both states had an average effective rate of 1.88% of home value in 2024, more than double the national average of 0.86%.

That translates to a bill of roughly $5,452 on a house worth the 2024 Illinois median of $290,000. But the whole state isn’t affected evenly.

Residential property taxes are particularly burdensome in counties such as Kendall, McHenry, Lake and DeKalb, all four of which are among the 12 highest-rate counties in the country. Median household property taxes in those counties ranged from to $5,974 to $8,923. On top of income taxes and the highest combined state and local tax rate in the U.S., that’s a hefty bill to manage.

High taxes, particularly property taxes, were a top-two issue for 58.1% of likely Illinois voters in a recent poll. Neighboring states all have lower property tax rates, which can entice people to leave Illinois. In 2024, Illinois lost a net of nearly 12,000 people to Indiana, where the effective property tax rate was only 0.76%. Nearly a net 10,000 left for Wisconsin, with an effective property tax rate of 1.32%.

Illinois property taxes are driven by a combination of local and state decisions. Public schools are funded primarily by property taxes, but school districts are forced to rely so heavily on them in part because the state diverts a growing share of its education spending to pensions.

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Illinois combined state, local tax rate tops the country

Posted in Cost of Living, Diversity, Equity and Inclusion (DEI), Illinois Policy Institute, Look For The Union Label, Overhead, Pension Funding, Politics, Pritzker’s Rules of Order, Property Taxes, Springfield, Taxes, Unions on May 13, 2026| 1 Comment »

By Brennan Park | Illinois Policy Institute

Illinoisans continue to pay the highest combined state and local tax rate in the country, according to WalletHub.

Effective state and local tax rates totaled almost 17% for a median Illinois household last year, compared with the national average of just over 11.02% and higher than No. 2 New York, at 14.95%.

The median amount of state and local taxes for an Illinois household was $12,538 last year, fourth-highest in the country. The national median was around $8,949. (These amounts use a different household measurement.)

Illinois’ burden is driven by property, sales and excise taxes that exceed national averages and those in neighboring states.

Property taxes are especially high, with an effective rate of 1.92% of the value of a typical home, more than double the national median of 0.89%.

Sales taxes are also elevated in Illinois, with a 6.25% state rate and a nearly 9% combined state and local rate on average.

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How much is the new Illinois gas tax hike?

Posted in Aunt Blabby, Clown Car, Commodius Maximus, Cost of Living, Deception, Ethics, Fat Bastard, Illinois Policy Institute, Illinois Tollway, Overhead, Pension Funding, Politics, Taxes, Unions on May 7, 2026| 1 Comment »

On July 1 the state tax will hit almost 50 cents a gallon. Lawmakers made yearly automatic.

By Dylan Sharkey | Illinois Policy Institute

Illinois drivers will see another gas tax increase July 1.

The state tax will rise to 49.6 cents per gallon because of the automatic annual inflation increase built into the 2019 “Rebuild Illinois” infrastructure program signed by Gov. J.B. Pritzker.

That means Illinois drivers will continue paying among the highest gas taxes in the country. Indiana and Georgia gave residents a gas tax holiday from high prices because of the war in Iran.

The average price of a gallon of gas in Illinois was $4.986 on May 6, up from about $3.40 a year ago, according to the AAA.

When Pritzker doubled the state gas tax from 19 cents to 38 cents in 2019, lawmakers also ensured Illinoisans would face automatic inflation-linked increases every year without another recorded vote.

Once federal, state and local taxes are combined, many Illinois drivers pay more than 85 cents per gallon in taxes alone at the pump. Only California and Michigan rival Illinois for the highest total gas taxes in the country.

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Village Board of Trustees meet tonight

Posted in Aunt Blabby, BACOG, Board of Health, Building Department, Clown Car, ePacket Agendas, Equestrian Commission, Ethics, Finance Committee, Financial Reports, Insurance Committee, Intergovernmental agreements (IGA), Little Duck Butt, Minutes, OMA, Pension Funding, Plan Commission, Police Pension Board, Police Reports, Politics, Property Taxes, Public Safety, Real Estate, Road construction, Roads & Bridges Committee, Taxes, The Land We Love Run, Tree Preservation Ordinance, Unions, VBHPD, Village Attorney, Village Board, Village Clerk, Village Code, Village Director of Administration, Village Engineer, Village President, Village Treasurer, Yabba Dabba Doo, Zoning Board on April 27, 2026| Leave a Comment »

The Village Board of Trustees will be conducting their regular monthly meeting this evening beginning at 6:30 PM. Topics on their agenda include:

A copy of their agenda, including info on listening to the meeting, can be viewed and downloaded here.

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IRS: Illinois led nation in rate of income loss in 2023

Posted in Diversity, Equity and Inclusion (DEI), Dumb and Dumber, Economy, FUBAR, Illinois Policy Institute, Mad Cows, New Normal?, Pension Funding, Politics, Taxes on April 23, 2026| 1 Comment »

By Bryce Hill | Illinois Policy Institute

Illinois lost a larger share of income from outmigration than any other state in 2023, according to IRS data.

Federal tax returns show that Illinois lost a net of nearly 56,000 residents and more than $6 billion in income in 2023, the latest data available. When adjusting for total income per state, Illinois’ losses to net outmigration are the worst in the country — more than $11 for every $1,000 previously earned in the state.

While California ($13 billion) and New York ($10.6 billion) lost more income from outmigration, Illinois lost the largest share of a state total.

Meanwhile, South Carolina and Florida, two of the top three states adding the most total income from people moving in, also added the most as a share of their total income.

Part of why Illinois sees so much wealth flight is that high-income Illinoisans are leaving at twice the rate of other groups. People in all income brackets are moving out of the state, but those earning more than $200,000 a year have been leaving the fastest.

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Barrington Countryside Fire Protection District Board meets tonight

Posted in Agendas, BCFPD, Intergovernmental agreements (IGA), Jewel-Osco, Open Meetings Act, Overhead, Pension Funding, Politics, Property Taxes, Public Safety, Real Estate, Taxes, Transparency, Unions, VBHPD on April 20, 2026| Leave a Comment »

The lease on the BCFPD fire station adjacent to Village Hall is being reviewed according to their agenda. | Courtesy Google maps

The Barrington Countryside Fire Protection District (BCFPD) Board of Trustees meets this evening at 6:30 PM at 22222 N. Pepper Road in Lake Barrington. Topics on their agenda include:

  • Station 37 (Barrington Hills) Lease Review
  • Local Incident Management Assistance Team (IMAT) (Type IV) Memorandum of Understanding

A copy of their agenda can be viewed here.

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‘Toll-Free in ’73’? Illinois tolls cost drivers $27 billion since then

Posted in Illinois Policy Institute, Illinois Tollway, Pension Funding, Politics, Public Safety, Road construction, Springfield, Taxes, Unions on April 13, 2026| Leave a Comment »

Drivers paid nearly $27 billion in tolls from 2024 back to 1973, the year the roads were to become toll-free. Now the largest passenger toll hike in Illinois history is possible.

By Patrick Andriesen | Illinois Policy Institute

In the 53 years since they were supposed to become free, drivers have paid nearly $27 billion to use Illinois’ toll roads.

Those drivers now face the possibility of the largest passenger toll increase in state history.

In a move to gain union support, last year’s transit bailout bill allows the Illinois State Toll Highway Authority board to implement a hike that could raise $1 billion more in tolls a year starting in 2027.

Passenger drivers could see an increase of 45 cents per toll, driving the average up to $1.24, based on the most recent data. Commercial tolls could rise 30%.

That’s despite the fact that since 1973, the authority has collected more in tolls each year than it needed to operate and maintain the system. The agency reported more revenue from tolls in 2024 than any year in the tollway’s history.

For a hike to take effect Jan. 1, the board must vote by Dec. 2.

Record toll revenue in 2024

Illinois has five toll roads totaling almost 300 miles, mainly in Northern Illinois. The tollway authority took in nearly $1.44 billion in tolls in 2024, the most in any year since tolls were first charged in 1959.

Commercial drivers paid $742 million of that, again more than any other year in the tollway’s history, and passenger drivers paid $697 million. The total of almost $1.44 doesn’t count revenue recovered from fare evasion and penalties.

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District 220 Board of Education meets tomorrow

Posted in 220, Agendas, Barrington Education Association, Big Brother, Board of Education, Deception, District 220 referendum, Diversity, Equity and Inclusion (DEI), Education, Elections, Ethics, His Master's Voice, Illinois Federation of Teachers, Look For The Union Label, Overhead, Pension Funding, Politics, Pritzker’s Rules of Order, Property Taxes, Real Estate, School Districts, South Barrington, Taxes, Traffic, Transparency, Unions, What the Ficke (Bradford)? on April 6, 2026| Leave a Comment »

 

The District 220 Board of Education meets Tuesday evening at 6:00 PM at the District Administration Center, 515 W. Main Street. Items on their agenda include:

  • FOIA Requests*
  • Personnel Report
  • Resolution abating the working cash fund of the District
  • Consideration to Approve a Resolution Authorizing the Honorable Dismissal Due to Reduction in Force of Part-Time or Full-Time Educational Support Personnel
  • Consideration to Approve a Resolution Authorizing the Honorable Dismissal Due to Reduction in Force of Group 2-4 Certified Staff
  • Consideration to Approve Non-BSEO Classified Staff Compensation and Benefits for the 2026-2027 School Year
  • Consideration to Approve Administrative Compensation and Benefits for the 2026-2027 School Year
  • Consideration to Approve the Adoption of Multi-Year, Performance-Based Contracts for Chad May, BMS-Station Campus Principal; Chelsea Hedges, Assistant Superintendent of HR & Talent Acquisition; Eric Steckling, Director of Communications; Heather Schumacher, Hough Elementary School Principal; Josh Carpenter, Assistant Superintendent of Schools; Melissa Byrne, Assistant Superintendent of Teaching and Learning; Micah Korb, Countryside Elementary School Principal; Michelle Acosta, Early Learning Center Principal; Sarah Rabe, Assistant Superintendent of Instruction & Student Performance; Steve McWilliams, Barrington High School Principal; Peg Lasiewicki, Assistant Superintendent of Student Services & Support; Travis Lobbins, BMS-Prairie Campus Principal
  • Consideration to Adopt Resolution directing the Regional Superintendent of Schools for The County of Lake, Illinois, to certify to the County Clerk of said County the question of imposing a retailers’ occupation tax and a service occupation tax to be used exclusively for school facility purposes, school resource officers, and mental health professionals, for submission to the electors of said County at the general election to be held on the 3rd day of November, 2026 – Resolution – Lake County School Facilities Sales Tax

A copy of the agenda can be viewed here. The meeting will be live streamed on the district YouTube channel.

*Interesting to see NBC Chicago requests.

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In Cook County, 75% of police, fire property taxes go to pensions

Posted in Cook, County, Illinois Policy Institute, Jewel-Osco, Overhead, Pension Funding, Politics, Property Taxes, Taxes, Unions on March 23, 2026| Leave a Comment »

Outside Chicago, only a fourth of municipal property taxes collected this year for police and fire are going to services.

By LyLena Estabine | Illinois Policy Institute

The vast majority of the police and fire levies in last year’s Cook County property tax bills funded pensions, not protection.

The 2024 police and fire levies for cities outside Chicago total $599 million. Just over $450 million of that is for pensions, according to the Illinois Department of Revenue.

First-installment bills are due April 1. Many in the county may still be recovering from the delayed property tax bills that were due Dec. 15. Some of those bills grew by record-setting amounts.

Since 1996, the amount Cook County municipalities outside Chicago have levied to keep up with police and fire pensions has grown by 416%, while the amount levied for services hasn’t even doubled.

The amount going to fund protection increased by about $2 million in 2024 levies over 2023. The amount for pensions rose $27 million.

Police and firemen deserve generous pensions given the risk in their work. But when those benefits become too generous — as they are in Illinois — they undermine retirement security and reduce the amount of money available for service.

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Chicago careens toward insolvency

Posted in Cook, County, Look For The Union Label, Pension Funding, Politics, Taxes, Unions, Washington Post, Who Cuts Your Hair? on March 16, 2026| Leave a Comment »

Chicago Mayor Brandon Johnson (D) on Feb. 26. (Scott Olson/Getty Images)

Editorial Board | The Washington Post

It takes a long time to kill a city, and the bigger the city, the longer it takes. But Chicago’s “public servants” have done a fine job speeding up the process.

The Windy City was forced this week to put off a planned sale of $292 million in tax-exempt municipal bonds, part of an $800 million debt-service package. Authorities blamed volatility caused by the Iran war, but other bonds were priced without incident.

The truth is it’s never a good time to float the kind of debt Chicago wants. The city seeks to structure bonds to make no payments at all — not even interest — for the first couple years. That obviously raises the overall cost of borrowing.

The city has played this same old game for decades. Keep public-sector unions happy by punting obligations onto future taxpayers. Cover the snowballing costs with more borrowing and short-term fixes, such as the city’s 2008 decision to sell off 75 years worth of parking meter revenue for a one-time, $1.15 billion payment.

Pension payments and debt service now consume almost 40 percent of the city’s operating budget. Seven of the country’s 10 worst-funded pensions are in Chicago. The best of those, the Chicago TranChicago Mayor Brandon Johnson (D) on Feb. 26. (Scott Olson/Getty Images)sit pension, has roughly half the assets needed to pay promised benefits. Those in the worst condition, covering police and firefighters, are now less than 20 percent funded because of a “sweetener” rammed through the state legislature last year.

Last month, two ratings agencies downgraded the city’s debt. The school district’s bonds are already rated as junk. The city council’s laudable rebellion in the fall against the feckless budget proposed by Mayor Brandon Johnson (D), a former organizer for the teachers union, was a hopeful sign, but the modest tweaks they forced him to accept in December won’t change the fiscal trajectory.

Article continues here.

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