Illinois property taxes

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One of the primary ways that local governments get revenue is through property taxes. The amount of each property tax bill is determined by what various government entities need and the value of each home or business to be taxed. In this week’s Friday Forum, we look at how that value is determined and what you can do if you think they’re asking for too much.

File Photo by Brian Mackey

Illinois Gov. Bruce Rauner is in Japan to promote the state’s universities and transportation infrastructure in hopes of attracting businesses.

Rauner had repeatedly asserted that the state’s political system is broken - and that hurts the state’s business climate. Speaking from Tokyo last night, Rauner said one Japanese company looking to grow in Illinois considers local property taxes to be a hindrance.

 

It’s a common complaint: “Illinois has the worst property taxes in the United States.”

That may be great for making political hay, but it isn’t entirely true – according to a recent study by WalletHub.com of all 50 states and the District of Columbia.

Illinois ranked 50th in that study with an effective average annual property tax rate of 2.3 percent. But that’s one notch above New Jersey, which imposes an average effective property tax rate of 2.35 percent.

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Columnist Charlie Wheeler says there are serious consequences under Gov. Bruce Rauner's tax proposal.