{"id":2209598,"date":"2024-03-30T10:30:02","date_gmt":"2024-03-30T14:30:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/illinois-high-property-tax-rates-burden-home-owners-businesses-analyst\/"},"modified":"2024-03-30T10:30:39","modified_gmt":"2024-03-30T14:30:39","slug":"illinois-high-property-tax-rates-burden-home-owners-businesses-analyst","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/illinois-high-property-tax-rates-burden-home-owners-businesses-analyst\/","title":{"rendered":"Analyst reports highlight the heavy burden of Illinois&#8217; high property tax rates on homeowners and businesses"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fillinois-high-property-tax-rates-burden-home-owners-businesses-analyst%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2209598&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Illinois \u2063faces one of the highest property tax rates\u200b in comparison to other states, earning an &#8220;F&#8221;\u2062 grade from\u2064 Money Geek. According to Josh Bandoch from the \u2063Illinois Policy Institute, Illinois ranks poorly \u200cin tax friendliness, with property taxes exceeding 2% of the \u200caverage household income. In contrast, Florida&#8217;s tax burden is significantly lower at 0.91%. Illinois \u2063has one of the highest property tax rates compared \u2063to other\u200b states, receiving an &#8220;F&#8221; grade from Money \u2063Geek. Josh Bandoch from the\u200b Illinois Policy Institute highlights \u200bIllinois&#8217;s \u2063poor ranking\u2063 in tax friendliness, \u2062with property taxes surpassing 2% of \u2063the average household income. In contrast, Florida carries a \u200cmuch lower tax burden at 0.91%.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>(The Center Square) \u2013 Compared to other states, Illinois\u2019 property taxes continue to be among the highest. <\/p>\n<p>The personal finance site Money Geek <a href=\"https:\/\/www.moneygeek.com\/financial-planning\/analysis\/tax-friendly-states\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>gave<\/strong><\/a> Illinois the grade of \u201cF\u201d because it ranks second in the nation behind New Jersey for the highest property taxes.<\/p>\n<p>When it comes to the consequences of its tax policy, Josh Bandoch of the Illinois Policy Institute would give Illinois an even lower grade, he said. <\/p>\n<p>\u201cAn \u2018F\u2019 is too high. Except for New Jersey, Illinois ranks at the rock bottom when it comes to tax friendliness,\u201d Bandoch said. <\/p>\n<p>With property taxes at over 2% of the average household income, Illinoisans struggle with a huge tax burden, Bandoch said. <\/p>\n<p>\u201cCompare that to Florida, where the taxes are 0.91%,\u201d he said.<\/p>\n<p>Bandoch blames high property taxes and high commercial property taxes for pushing businesses and people to leave Illinois, he said.<\/p>\n<p>Ninety-seven percent of the people who moved out of Illinois in the past year relocated to states with lower tax rates, Bandoch said. <\/p>\n<p>\u201cEvery six minutes and 15 seconds, an Illinois mom, dad, colleague or friend moves out of Illinois to a more tax-friendly state,\u201d he said.<\/p>\n<p>The Money Geek survey found that a typical middle-class family in Illinois pays $9,524 more a year in taxes than a typical family in Nevada, the lowest-tax state, pays.<\/p>\n<p>High property taxes contribute to the housing burden that Illinoisans struggle with, Bandoch said. <\/p>\n<p>\u201cNearly one-third of Illinois households are considered \u2018housing burdened\u2019 because they pay at least 30% of their income on housing,\u201d he said. \u201cThere is a clear connection there as to why families and businesses are leaving Illinois. It is unsustainable.\u201d <\/p>\n<p>High commercial property taxes, particularly in Chicago, are an undue burden on businesses, Bandoch said. <\/p>\n<p>\u201cEven United Airlines is rumored to be moving some of its offices out to Denver. That would be a huge loss,\u201d he said.<\/p>\n<p>More people and businesses generate more revenue and jobs, Bandoch said. <\/p>\n<p>\u201cEven if an individual pays less taxes, there is more revenue coming into the state,\u201d he said. <\/p>\n<p>If Illinois could move from ranking second in the nation for high property taxes to 25th or 26th, that would be a massive improvement, Bandoch said. <\/p>\n<p>\u201cIllinois doesn\u2019t have to be Florida or Arizona or Nevada. Illinois just has to be smack in the middle. That would make a huge difference,\u201d he said.<a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fwww.thecentersquare.com%2Fillinois%2Farticle_c3ff5892-edd2-11ee-bb26-4fd29127cc44.html%3Futm_medium%3Dsocial%26utm_source%3Dfacebook%26utm_campaign%3Duser-share\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illinois maintains some of the highest property taxes nationwide, earning an &#8220;F&#8221; grade from Money Geek. The state ranks second, falling just behind New Jersey in property tax rates. The repercussions of Illinois&#8217; tax policies are significant, as outlined by Josh<\/p>\n","protected":false},"author":3011,"featured_media":2209599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/01\/jb-pritzker-1024x591.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2209598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/01\/jb-pritzker-1024x591.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2209598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2209598"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2209598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2209599"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2209598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2209598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2209598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}