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Archive → May 9th, 2012

Taxes, taxes, and more taxes

I have noticed a quiet apprehension concerning our property taxes until they arrived in the mail. I have had numerous calls about value going down and taxes NOT. I explain that in Will County 74% of the property tax bill is school districts. Last year several concerned taxpayers went to the schools and other taxing bodies asking local elected boards not to raise the Levy (property tax). Sadly, City of Lockport and Homer Township were the only taxing bodies not raising your taxes.

Taxing bodies don’t want you to know how they get a yearly increase at your expense. These local elected boards produce nothing, they only take from us, tell us all the wonderful things they are doing, and expect us to vote for them over and over. All new business and homes are seen as a windfall called New Growth. Capturing the New Growth is accomplished by raising the Levy to the Max every year. This means the board increases the Dollar amount they need to spend in order to get more cash immediately to pay for their increased budgets. Taxes never go down in this system! Not raising the Levy and spending wisely is the only way to stop the tax spiral.

The State of Illinois is talking about dumping billions in unsustainable TRS pensions that were never funded correctly on local school districts which will cause a huge increase in property tax. The State claims that the problem was created by local school boards giving excessive raises, and bumps to employees beginning 2 years before they retire increasing their pension. Remember the 2% income tax increase went entirely to pay State Pensions.

Can you retire between 55 and 62 with 70 to 80% of your pay for life?