Chicago Relocation

Chicago Residents Shoulder too much of our Tax Burden!

September 23, 2008

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In addition to having the highest sales tax in the UNITED STATES OF AMERICA (thank you, Mr. Stroger and The Chicago City Council),  Chicago residential homeowners are now shouldering almost the same tax burden as business property owner.  As Crain’s Chicago Business recently reported [Click Here For Article] Commercial property owners pay about 1.87% of market value in property taxes annually (down from 4.61% as recently as two years ago).  Chicago homeowners are now paying 1.29% of market value in property taxes annually.  And believe it or not, that’s even MORE than the 1.24% that industrial property pays!

There are some sound, logical explanations for this — The soaring prices of residential have far outpaced commercial or industrial prices.  That notwithstanding, typically commercial properties pay MULTIPLES OF residential rates, not the same rate!  As we slide into the ever worsening mess surrounding the mortgage and financial crises in America, homeowners are already looking at a $700 Billion bailout affecting their tax bill.  Perhaps re-distributing the property tax burden is in order!