Previously, McHenry County Blog reported that over 15,000 property tax bills in McHenry County exceeded $10,000.
Property taxes will still be flying out of homeowners’ wallets, but under a Republican proposal, they will not be deductible from one’s Federal income taxes.
Wby is that of interest?
Because U.S. House Republicans, with Algonquin Township’s Congressman Peter Roskam on the tax writing committee,have proposed allowing deductions for real estate taxes…as long as the bill is not over $10,000.
So, up to 4,150 property owners in Algonquin Township will feel pain either immediately or as the tax hikers increase their bills.
There are 37,400+ parcels in Algonquin Township.
Do the division and that’s almost 12% of the township’s property owners.
Excluding the business properties, which I assume will continue to deduct their entire real estate tax bill, thousands of homeowners in Roskam’s part of McHenry County, would likely end up losers, if the House GOP proposal is enacted.
The property tax cap deduction proposal for Federal income taxes is if a parcel has an $11,000 property tax bill, $10,000 would be deductible, and $1,000 would not be deductible.
Indiana sure looks good, but Tennessee looks even better if state income taxes will be included in Federal. Sheesh, just think about all of the non-income tax states…
a better graphic, Cal:
https://laughupmysleeve.files.wordpress.com/2015/03/money-flying-out-the-window.jpg
Nuts – And the Schools aren’t that good unless you are in ESL.
More homes will need to endure >$10,000 property tax bills if/when $10,000 homestead exemption is passed.
(Tax burden shifted to higher priced homes, ironically making higher priced homes worth less than lower priced homes..unless one can get Pritzker attorneys to weasel 80% assessment reductions too).