Illinois Property Taxes Rank Second Highest in the U.S.
Expert Warns of Mass Exodus as Residents and Businesses Seek Relief from Burdensome Tax Policies
According to the Washington Examiner, Illinois is facing a big problem with its property taxes ranking second highest in the country after New Jersey. Many families in Illinois are struggling because they have to pay a lot of money in property taxes each year. Josh Bandoch from the Illinois Policy Institute thinks Illinois’ tax policies are making things worse leading lots of people and businesses to leave the state for places with lower taxes.
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2nd Highest Ranked in Property Taxes in Illinois: Families and Businesses are Struggling! (PHOTO: Fausett Law)
Illinois Property Taxes Burden Sparks Calls for Reform to Retain Residents and Businesses
In Illinois, families face hefty property taxes leaving them with fewer dollars compared to states like Nevada with lower property taxes. High property taxes strain housing affordability with around one-third of Illinois households spending too much on housing. Businesses especially in cities like Chicago grapple with hefty commercial property taxes potentially prompting some to relocate. Bandoch urges Illinois to overhaul tax policies to boost competitiveness even aiming to reach a mid-range tax status to retain residents and businesses, fostering economic growth and job creation.
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