Illinois has highest taxes in U.S.? Why are we not surprised

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We here at Real Property Alliance work to try and keep taxes lower for residents of Illinois.

After all, one of the constant complaints we hear about is the steady increase in property taxes.

Well, CoreLogic did a survey of property taxes and found what many of us probably suspected all along: Illinois has the highest median property taxes in the U.S.

Illinois residents pay a 2.67 percent property tax rate, outpacing the next highest state, New York, at 2.53%.

The report notes that states with more levels of taxation see higher rates, and Illinois has more units of government than any other state in the U.S. Illinois has nearly 7,000 units of government, far surpassing Texas which is next on the list with 5,147 units. We have 54.27 units of government per 100,000 people in the state according to the Illinois Policy Institute.

In reality, property-driven costs are much higher in the state. That’s because governments often tack on fees for things as varied as pre-sale inspections and transfer taxes.

The result of all of these layers of government is an anchor drag on property owners who make decisions on where to live, what schools they can send their kids to and what property improvements they will make based on the steep tax bills they may incur in the process.

Interested in the lowest tax rate state? That would be Hawaii at .31 percent.

 

By |2016-04-29T08:55:36+00:00April 29th, 2016|Property Taxes, Uncategorized|Comments Off on Illinois has highest taxes in U.S.? Why are we not surprised

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