We’re No. 2!But second place isn’t usually something to brag about — and certainly not when it comes to property taxes. Illinois residents pay the second-highest property taxes in the country (New Jersey has the highest), according to Attom Data Solutions, an Irvine, Calif.-based real estate data company.The average annual effective property tax on a single-family house in Illinois is 2.13 percent. Property taxes pay for essential government functions — emergency response, public safety patrols, water, sewer, infrastructure, education — and amenities that define quality of life, like libraries, parks and social services.Are they worth it?First, consider how property taxes affect your overall return on homeownership.Taxes affect property market values and siphon off money that you could potentially direct toward building equity. “Property taxes are a carrying cost that represent money you could use to pay off the mortgage early and build … [Read more...] about You know Illinois’ property taxes are sky-high. But the calculation process might surprise you.
Illinois
Why I won’t go to college in Illinois
I couldn’t agree more with your editorial “Illinois Exodus: Flight of the expats.” As an 18-year-old who is about to embark on my endeavors as an adult, I too am fleeing Illinois for many of the same reasons as the families you interviewed.The first is college tuition, cited by the Carpenter family. I am one of the only people I know who did not apply to University of Illinois or any Illinois school for that matter. The Illinois school system is broke and gives very little merit aid to in-state residents.Second, after graduating college, I do not want to pay the expensive property taxes in Illinois. I will not want to pay those outrageous rates with a relatively small income after college, especially when I’ll also have to purchase a car, a home, and pay back student loans. How is a young professional ever supposed to buy a home and settle down in Illinois with these taxes?Lastly, state politics is a deal breaker for me. The Heard family touched on this a little … [Read more...] about Why I won’t go to college in Illinois
Illinois exodus: Flight of the expats
By the tens of thousands each year, Illinoisans are fleeing this state’s rising taxes and mediocre jobs climate. Many no longer see Illinois as their fount of opportunity, the place worth investing their lives. They know the math of Illinois’ enormous public debts and the decadeslong soaking its taxpayers face. The next governor, whether incumbent Bruce Rauner or challenger J.B. Pritzker, will lead a shrinking constituency.Why are people ditching Illinois? What might a governor, a legislature, do to keep them? How should voters who remain here factor this intensifying Illinois exodus into their votes on Nov. 6? We’ve been tracking down expatriates and reaching out to Illinoisans who face a wrenching choice: Do we stay or go? From now until the election, we’ll introduce you to some of these people. Today, from the expats, meet the Carpenters, the Heards and the Salvas.The CarpentersFor former Naperville resident Bruce Carpenter and his wife, the decision to move … [Read more...] about Illinois exodus: Flight of the expats
‘L’ cars, whiskey, soybeans and more: Illinois products could be socked by Chinese tariffs as trade dispute escalates
In an escalating trade dispute with President Donald Trump, China on Wednesday proposed an additional round of tariffs on $50 billion worth of U.S. exports, a move that could affect Illinois businesses ranging from downstate soybean farmers to Chicago whiskey-makers and a host of other companies.The move by China followed the Trump administration’s announcement Tuesday night of its own tariff proposal, which would be levied on 1,300 Chinese imports. Together, if implemented, the trade maneuvering by the two countries promises to drive up the prices many Americans pay for imported goods, while making it more difficult for some U.S. companies to sell their goods in China. In Illinois, growers of soybeans, the state’s largest agricultural export, would feel the pain most acutely.It’s unclear when — or whether — the proposed tariffs might go into effect, but the mere threat of them sent the Dow Jones industrial average tumbling early in the day, before … [Read more...] about ‘L’ cars, whiskey, soybeans and more: Illinois products could be socked by Chinese tariffs as trade dispute escalates
Illinois governor donates ‘Godfather’ papers to Dartmouth
Updated 8:10 am, Thursday, April 5, 2018 Photo: Marty Lederhandler, AP Image 1of/1 CaptionClose Image 1 of 1 FILE - In this July 25, 1996 file photo, author Mario Puzo talks during an interview in New York. Illinois Gov. Bruce Rauner has donated his collection of "The Godfather" author Mario Puzo's papers to his alma mater Dartmouth College. The New Hampshire school says in a news release it was "an offer they couldn't refuse," echoing one of the movie's famous lines. The 50 boxes of papers that Rauner and his wife Diana donated will be housed at the college's Rauner Special Collections Library. less FILE - In this July 25, 1996 file photo, author Mario Puzo talks during an interview in New York. Illinois Gov. Bruce Rauner has donated his collection of "The Godfather" author Mario Puzo's papers to his alma ... more Photo: Marty Lederhandler, … [Read more...] about Illinois governor donates ‘Godfather’ papers to Dartmouth