Homeowners Shoulder Larger Tax Burden

Illinois homeowners continue to take a beating – their property taxes have risen again while the share of property taxes paid by commercial and industrial property owners shrank.

A Daily Herald analysis of Illinois Department of Revenue records showed that the Cook county proportion paid by homeowners increased 11.3 in the last 10 years, from 1001 to 2010, and DuPage county increased by 4.6 percentage points in the same time period. And worse yet, taxes paid to Illinois’ 6,000-plus units of government rose nearly $9 billion over the same decade!

Homeowners in DuPage County covered 75.3 percent of all property taxes collected in the county in 2010. Ten years before, homeowners were responsible for 70.7 percent of the county’s property taxes, state figures show.

Homeowners in the suburbs already carry most of the property tax burden.

The shifting tax burden and the actual increase in taxes collected have many worried about the future for suburban homeowners. Is this the end of the American dream of home ownership? Many believe so. Cook County Treasurer Maria Pappas said. “I think we’re going to see less and less homeownership.”

To read more in The Daily Herald, click here

Photo by Patrick Feller

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