Illinois Property Tax Based on Government Debt Causes Chicago Renters to Rethink Home

Cook County, Illinois (WLS) –Following the I-Team’s report on property tax liabilities associated with your home and business, some people said they stopped searching to buy a home.

Related: Illinois property tax hike affected by government debt.How to Find Out Your Home Debt

“I’m definitely hindering my purchase right now, so I’m renting it. I’m happy to rent it,” said Drew Schaefer, who lives in Chicago.

Schaefer said he is currently refraining from buying a condo because of unpaid debt associated with the property.

Team I investigated the debt associated with Tom Harney’s home in Chicago. It’s $ 124,000.

“Looking at this number, along with income tax, I ask myself why I’m not staying here and going to a state focused on maintaining and growing people. I don’t think politicians are changing anything. Hmm, “said Harney.

He can see the information.Because Cook County Treasury Secretary Maria Pappas Launched a new tool on her website Shows government debt associated with homes and businesses.

“The more debt you have, the higher your property tax,” Papas told I-Team. The debt comes from estimated payments for village services, education and pensions.

Lawrence Musal, chairman of the Independent Citizens’ Union, said the government needed to be modernized.

“We need to see how local civil servants have provided government services. They should not follow political boundaries, not historically how they have provided services,” he said. It was.

Msall mentions 2,200 overlapping government agencies in Cook County, which he says is inefficient.

Chicago residents are surprised that the treasurer figures show that Windy City has a debt of about $ 41,000 for every $ 100,000 in assets.

“It’s crazy. If you want to own a house, you’re a little reluctant,” said Keisha Samuels, who lives in Chicago.

“There are many, but that’s a trade-off with living in the city,” said John Eisenstark, a Chicago homeowner.

Team I asked Cook County President Toni Preckwinkle to comment on the debt associated with Cook County real estate owners.

Prekwinkle dealt with the “unfunded pension” she inherited, “working to deal with the county’s own debt,” and “reduced some of the county’s debt for a ten-year term. Did not increase property tax. “

So what should you do with property tax debt? In addition to voting, you need to ask the candidate specifically what they plan to do about the issue if they win.

Full Statement of President Toni Preckwinkle of Cook County:

“For the past decade, President Prekwinkle’s administration has tackled this very issue by carefully managing the county’s own debt, including the billions of dollars of heritage it had borrowed before taking office. Since then, we have been working to reduce the county portion of “total taxable district debt resulting from Cook County property” without increasing the county property tax. It puts a strain on the community by equitably distributing…

Read More: Illinois Property Tax Based on Government Debt Causes Chicago Renters to Rethink Home