Bet your experience is very different.
Now another study using data from the U.S. Census Bureau’s Current Population Survey is telling us that, yes, property taxes are high here — but that’s not the worst part.
Between 2008 and 2015 during the Great Recession, property taxes grew six times faster than household incomes in Illinois, according to research by Orphe Divounguy, the Illinois Policy Institute’s chief economist.
“The real property tax burden – property taxes as a share of income – shows just how far Illinois families have to stretch their budgets,” Divounguy said. “We have seen that burden grow almost 40 percent between 2008 and 2015.”
The burden grew 40 percent during the recession as household incomes grew just 7 percent during those seven years.
Think rich counties around Chicago are driving those numbers?
Well, the average property tax bill in St. Clair County doubled between 2000 and 2015, from $1,030 to $2,051. Madison County wasn’t quite as bad, growing 82 percent from $1,344 to $2,442. The state average was a 93 percent change during those 15 years.
New Jersey is the only state that puts more of its household income towards property taxes. Just how attractive does that make Illinois to those buying a home?
Property tax caps, government consolidation and a functioning state government would all go a long way towards fixing the problem. Trouble is, it doesn’t seem like anyone in Springfield is even having this conversation and when locals have the conversation it is usually about raising property taxes even more.