A new study confirms what most Illinoisans already know, the property taxes in the state are among the highest in the nation.
The personal finance website WalletHub ranked Illinois 50th for real estate property taxes. Of the 50 states and the District of Columbia, only New Jersey ranked lower.
The study shows the average American household spends $2,869 on property taxes for their homes each year, but researcher Cassandra Happe said it is much higher in Illinois.
“The median home value is $239,100, and that comes out to $5,055 in real estate taxes every year,” said Happe.
Happe said Illinois is one of only three states with a property tax rate over 2%.
State Sen. Jason Plummer, R-Edwardsville, said to make matters worse, Gov. J.B. Pritzker wants to raise taxes as outlined in his budget proposal.
“Illinois is already the most overtaxed people in the country,” said Plummer. “We have the largest tax burden of any state, and just piling onto that with more taxes and more taxes.”
The three states with the lowest property tax rates are Hawaii, Alabama and Colorado.
The study showed that on average, “red” states, where Republicans control state government, imposed lower real estate property taxes than “blue” states, where Democrats are in control.
“Americans who are considering moving and want to maximize the amount of money they take home should take into account property tax rates, in addition to other financial factors like the overall cost of living, when deciding on a city,” said Happe.
***Courtesy of the Illinois Radio Network***
