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Illinois Property Taxes Drive Exodus as Residents and Businesses Seek Relief in Lower-Tax States, Analysts Warn
High Rates Drive Residents and Businesses Away, Calls for Reform Grow
Illinois’s property tax rates are among the highest in the country, and Money Geek has given the state a terrible “F” for its tax laws. Josh Bandoch of the Illinois Policy Institute claims that property taxes in Illinois are more than 2% of typical household income, while in Florida they are only 0.91%. This represents an excessive tax burden for Illinoisans. Businesses and citizens are fleeing Illinois due to high property taxes, particularly on commercial properties in Chicago. Ninety-seven percent of those who leave the state relocate to states with lower tax rates. Bandoch highlights that lowering Illinois’ property taxes to a more reasonable level might stop the migration and improve the state’s economy by increasing income and creating jobs.
READ ALSO: Claim Your Share of $1 Billion in Unclaimed 2020 Tax Refunds! – Act Now!
Illinois Property Tax Rates: A Weighty Burden for Homeowners and Businesses, Says Analyst. (PHOTO: Lamudi)
Illinois Housing Pressures Mount as High Property Taxes Exacerbate Financial Strain, Urgent Call to Transition to More Moderate Tax Policies
For more than one-third of Illinois households, which must spend at least 30% of their income on housing, high property taxes not only make things more difficult financially but also increase housing pressures. Bandoch underscores the need for Illinois to move quickly from being among the states with the highest property taxes to a more realistic ranking, like 25th or 26th, in order to have a substantial influence on the state’s capacity to retain residents and businesses. Illinois may create a more sustainable environment for its residents and encourage economic growth throughout the state by enacting more legislation that is tax-friendly.
READ ALSO: Claim Your Unclaimed Tax Refunds Before Time Runs Out – Act Now!
