Here we go again!
I can smell another property tax coming from those in our government who think there is an endless supply of money from real estate taxes. It is probably true that we need a new jail, but the method of funding must be something other than real estate taxes.
The taxpayer is still reeling from the school building referendum (my increase was 13 percent in one year!).
To make matters worse, the State of Illinois is considering rent control. Really?
They must be kidding. So, anytime the governments need money, they increase property taxes (with no restrictions), but rental property owners would be limited in their rent increases (sounds like a Catch-22 to me).
This is a prescription for a disaster for rental property owners. If state and our local authorities are truly concerned about affordable housing, they should think twice before feeding at the property tax trough so soon after the huge tax burden from the recent school tax referendum.
This situation is untenable for rental property owners and will yield more good people willing to invest in Illinois to leave the state (How many more can we afford to lose?). Oh, and let’s not forget the ever-hungry C-U Mass Transit District that has requested a 20 percent tax levy hike (Will it ever be satisfied?).
How much can Illinois take before total financial collapse is assured? Detroit declared bankruptcy. Will Illinois do the same?