Property Taxes Take A Bite Out Of Income

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Decatur – Property taxes in Illinois continue to take a big bite out of the family budget.  That according to a newly released report from the Illinois Policy Institute a Springfield based think tank.

“For a family in Macon County one out of every $25 earned goes directly to property taxes,” Kristina Rasmussen of the Illinois Policy Institute told WAND’s Doug Wolfe.  “For a lot of people they look at their statement they’re paying more in property taxes than they are actually paying towards their principal and interest.”

The report finds Illinois remains second in the nation in property taxes only trailing New Jersey.  Homeowners in Macon County pay an average of $1,907 in property taxes every year.

“Governments in Illinois are spending and taxing at record levels, far outpacing the rate of growth in income of the taxpayers who fund government, said Ted Dabrowski, vice president of policy at the Illinois Policy Institute.  “For a lot of homeowners, property tax bills have become like a second mortgage.”

The Illinois Policy Institute is calling for an immediate property tax freeze across the state.  The Decatur City Council is expected to raise property taxes by $52 on the average $100,000 home on December 21st.

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