Chicago Tribune reporter Tim Novak wrote Monday about the approval of zoning breaks that were necessary for it to be built next to the development in which it stands. Burke is an investor in the development.
What caught my attention in the article was Burke’s real estate tax bill on the family home:
The home is supposed to be worth $900,000. If so, that means the Burkes will pay less than 1% of the value of their home in real estate taxes this year.
Contrast that to the
the Skinner family will pay on our McHenry County home.
So, we are paying 2.2% of the value of our home in property taxes this year, while the Burkes are paying 0.95% of their home’s value.
Therein lies the dirty little secret about real estate taxes in Illinois.
Burke’s bill is probably a bit lower than it should be, but, generally, homeowners and owners of small apartments in Chicago pay about 1% of the values of their properties in real estate taxes.
Suburban Cook County residents may be a bit more, but the vast, vast majority don’t come close to a 2% level those of us outside of Cook County pay.
So, hike our income taxes 50% and we all suffer equally.
Give property tax relief and non-Cook County residents need to get twice as high a Homestead Exemption, for example, as those in Cook County to come out with the same tax relief.
If some version of the Rev. and State Senator James Meeks’ SB 750 pops up this week, I hope suburban and Downstate legislators are skillful enough to protect their already overtaxed constituents.
Maybe Sun-Times reporter Tim Novak will compare the real estate tax bills and the value of the homes of Chicago and other Cook County politicians with those of politicians outside of Cook County.
That would be a revealing story, don’t you think?