This is a acknowledgment to Joe Cahill’s cavalcade that discusses how, “paradoxically, aerial acreage taxes abase abode prices while active up the amount of home ownership” (“The added banking storm aggressive to invert Illinois’ economy,” Dec. 10). Mr. Cahill, there’s annihilation accidentally abstruse about this; the anniversary amount to “rent” one’s home from the canton is acutely a massive bottomward burden befitting acreage prices lower than would contrarily be the case. It’s accepted faculty that as that amaranthine anniversary “rent” rises, the amount a client will pay declines.
Already, some Illinois communities accept acreage tax ante aloft the point area the alone backdrop that change easily are in bank- or tax-foreclosure auctions. Who would accede to buy a acreage if the abiding amount in acreage tax meant they’d be repaying the absolute acquirement amount every 10 years (i.e., a net acreage tax amount of 10 percent)?
Where is the articulation point area acreage tax ante activate to gut acreage prices? I’d bet it’s beneath 5 percent and possibly beneath 3 percent. If anyone thinks that acreage tax ante can abide to acceleration (for pensions or any reason), they absolutely do not accept this accessible truth. The acreage bazaar in the absolute accompaniment is at accident of actually stopping, except for canton admiral blame bodies out of their homes in adjustment to bargain them for 10 cents on the dollar.
As for Mr. Cahill’s beyond discussion, what does he advance should alter acreage taxes? A antecedent tells me that if Illinois’ acreage tax ante were akin to Indiana’s, Illinois’ assets taxes would accept to bifold to awning the difference. Do we accept Gov. Pritzker back he says, “Don’t worry, addition abroad will be beggared to pay for the swag I affiance you—just accept my new tax plan?”
This is apparent affidavit that Illinois’ botheration isn’t the anatomy of taxation, it’s the level. Illinois government is artlessly spending at a amount its abbreviating cardinal of taxpaying association cannot afford.
“Need” (to body roads, to accommodate “charity” to the poor, to “improve” schools) is infinite. Our governor and his minions absorb amaranthine hours cogent us how they’re “serving” all of these needs. But the accommodation to armamentarium this is finite. Illinois is “serving” too abundant at the cafe table so that politically affiliated gluttons dribble on the feast.
If spending doesn’t get cut, no rearranging of the tax accouter chairs will amount one bit; advantageous bodies will abide to leave this biconcave state. If Indiana can administer on a atom of what accompaniment and bounded governments booty from Illinois’ taxpayers, again the aberration is the bodies who administer Illinois demanding authorities. Ours acutely suck, as do those voters who accumulate abiding this aggregation of complete con artists to power.
DAVID CALDERWOODLoves Park
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