What States Have Highest Property Taxes - Matthew Schultz on October 25, 2018 / Illinois, Interested, Latest, News Sheet
Chicago - Not only has Illinois lost more residents than any other state, but only 5 states have higher property taxes, according to the Washington, D.C. Tax Foundation.
What States Have Highest Property Taxes
"It's no wonder Illinois is bleeding middle-class businesses and taxpayers to lower-tax states," said Jim Tobin, president of Taxpayers United of America (TUA). "Illinois' middle-class tax situation is in crisis. Greedy municipalities are raising property taxes to fund the pensions of retired state employees."
Many Americans Migrating Out Of High Cost Of Living Areas
The foundation notes that local businesses are also victims of high property taxes: “Nationwide, property taxes are one of the largest state and local tax burdens for most businesses. In fiscal year 2013, property, personal and utility taxes accounted for 36.1 percent of all taxes paid by businesses to state and local governments."
This year, the states with the best scores on the property tax component are New Mexico, Indiana, Utah, Idaho, Arizona and North Dakota. At the other end of the spectrum, Connecticut, Vermont, New Jersey, New York, the District of Columbia, Massachusetts and Illinois had the lowest scores on the property tax component.
According to the foundation, "states are in a better position to attract business investment when they maintain competitive property tax rates and avoid harmful intangible, wealth and wealth transfer taxes."
Matthew Schultz on October 24, 2018 / Illinois, Interested, Latest, News, Pension Reform
Harris County, Tx Property Tax Calculator
Evanston - ABC 7 News released a report on the City of Evanston's financial woes. The city has reported a massive deficit of more than $7 million, leading to a budget crisis. In search of a solution, the city is looking to drastically cut police and fire departments. The cuts are similar to those made in the city of Harvey, which is also cutting police and fire departments.
In the ABC report, the local firefighters union also expressed deep concern that the cuts would affect public safety, "The proposed cuts are drastic and they are significant. We strongly oppose the cuts. They pose an immediate safety risk to the citizens of Evanston as well as the firefighters,” said Billy Lynch, president of Firefighters Local 742.
Jim Tobin of Taxpayers United States (TUA) agrees with Mr. Lynch that public safety is important and calls on Evanston to immediately fix the city's pension system. According to the TUA study, property tax payments to IMRF, police and firefighter pensions total nearly $20 million, accounting for 68.17% of all city property taxes. All new hires must contribute to 401K pension plans to avoid new unfunded pension liabilities. In addition, Jim Tobin is also calling for the Illinois General Assembly to pass legislation that would allow local governments to file for bankruptcy to restructure their debt.
Matthew Schultz on October 17, 2018 / Blog, Illinois, Illinois Press, Topics of Interest, Latest, News Sheets, Press
Which U.s. States Have The Highest And Lowest Property Taxes?
Springfield - Taxpayers United States (TUA) today released its updated survey of public employee pensions in Springfield, Illinois, revealing the top 200 pensions for the Springfield Municipal Retirement Fund and Sangamon County Illinois (IMRF), the top 200 pensions for the Illinois Teachers' Retirement Fund . (TRS) and Top 200 State University Retirement System (SURS) pensions.
"Springfield and Sangamon counties are in serious financial trouble because of public pension funding across the country," said Jim Tobin, TUA president.
"Springfield and Sangamon County are raising taxes at an unsustainable rate to fund unsustainable public pensions. Springfield raised its city sales tax by $0.25 and raised taxes on telecommunications services from 11% to 13%, and Sangamon County voted to raise the tax. The property is in the 2018 vote on a statewide VAT increase.
"Not only is the county seeking a sales tax increase, but Mount Pulaski also has a $10 million property tax referendum for Mount Pulaski High School. The Village of Jerome is seeking additional property tax increases specifically for IMRF payments. Additionally, the Rochester County Public Library is also supporting the increase referendum of property tax on November 6.
Your Guide To Property Taxes
"While IMRF pensions are funded by property taxes, other taxes free up money so Springfield and any other municipality can use that revenue for services to free up money for state property tax contributions to the IMRF fund. Each year, IMRF's portion of the property tax bill will increase, making fewer resources available for taxpayer services. In 2017, about 18% of Springfield's property tax revenue went to public employee pensions. If it wasn't judged, Springfield would feel like Galesburg. paying 67% of property taxes for unnecessary government benefits."
"But JB Pritzker and House Speaker Michael Madigan, a Democrat, plan to raise state income taxes if Pritzker wins the Nov. 6 election," Tobin said.
"Pritzker supports an immediate income tax increase and also supports the income tax hike, which would replace the current state income tax with a state income tax. He and his running mate, Madidan, plan to place the change on the statewide ballot in November 2020."
"If the amendment is adopted, one can expect that the state's middle class will shrink. Here's why: House Bill 3522, introduced by state Rep. Robert Martwick, D-Chicago, would tax incomes between $7,500 and $15,000 at a rate of 5.84 percent. For incomes between $15,000 and $225,000, the rate is 6.27 percent. And for income over $225,000, the rate is 7.65 percent. Some politicians are whispering about a maximum income tax rate of 9.85 percent,” Tobin said.
Who Pays America's Highest (and Lowest) Property Taxes?
"Pension data testify to that. The average pension for Sangamon County Social Security taxpayers is approximately $17,000 and is funded entirely by the private contributions of taxpayers and their employers."
"IMRF pensioners collect social security on top of very generous council pensions, so taxpayers are forced to pick up an additional 15% of local government workers' wages."
TRS retiree Michael D. Johnson enjoys an impressive annual pension of $253,450. He will likely earn about $30,000 in taxpayer-funded Social Security. The TRS pension would accumulate to more than $9 million over his typical lifetime. This "poor civil servant" retired at age 55 and paid just over $310,000 into his pension alone."
"Robert A. Alvey retired from the Sangamon Reclamation District with an annual pension of $152,415. He was 60 years old when he retired and paid only $103,555 into his pension, which would have accumulated about $3,656,771 over a normal lifetime .."
How High Are Property Taxes In Your State?
"Harry Berman retired from the University of Illinois at Springfield with an annual pension of $176,906. These annual pension payments total approximately $4,036,350."
"If Pritzker is elected, he and Illinois tyrant Madigan will ensure that these pensions are subsidized by taxpayers. Pension promises win thousands of votes from unions and state employees. Taxes will continue to rise at a devastating rate, and more and more Illinois -residents will leave the state, increasing the tax burden on those of us who remain."
"Allowing people to retire in their 50s and early 60s is unsustainable and will cost taxpayers money, but if Madison gets his way and Pritzker wins the governor's race, public pension reform will not happen in the near future." Tobin understood. .
US taxpayers: (TUA). is a nonpartisan 501(c)(4) taxpayer advocacy group. Founded on June 27, 1976 in Chicago, Illinois by activist and economist Jim Tobin, TUA works on behalf of taxpayers to reduce local, state and federal taxes. Over the past forty years, TUA has saved taxpayers more than $200 billion in taxes and has become one of the largest tax-paying organizations in America. Check out all posts. pp. Most local governments in the United States levy a property tax, also called a development rate, as a primary source of revenue.
Which States Have The Lowest Property Taxes? And The Highest?
This tax can be levied on immovable property or movable property. The tax is almost always calculated as the fair value of the property plus an assessment rate of the tax rate and is generally borne by the property owner. Values are determined by local officials and may be contested by property owners. For the tax authorities, an advantage of a property tax over a sales tax or an income tax is that, unlike other taxes, the proceeds are always equal to the tax levied. Property taxes usually generate the revenue needed to collect municipal taxes. The disadvantage for the taxpayer is that the tax liability is determined by the taxpayer's income.
Taxation is administered at municipal level. Many states set limits on what local jurisdictions can tax. Because many properties are taxed by more than one local jurisdiction, some states offer a method to equalize the values among such jurisdictions.
Property taxes are rarely assessed by the owner. The tax becomes a legally binding obligation attached to the property on a specific date.
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