As a Chicago Tribune editorial states:
Perhaps Democrats are realizing that this city and state cannot tax their way out of debt or into prosperity. The temporary state income tax hike of 2011 took an extra $31 billion out of taxpayers’ pockets but — despite Democrats’ forceful promises — did little to change the debt-driven trajectory of state government. Taxpayers are still paying a rate of 3.75 percent, a rate one-quarter higher than before the hike. It has made no difference. Illinois’ unpaid bill pile grows every day. Chicago taxpayers are girding for the largest property tax hike in history. Property owners’ tax bills this summer will spike, thanks to Emanuel and the council approving the largest property tax hike in the city’s history last fall — $755 million in new taxes and fees. Yet the city still will be awash in pension liabilities and other debts. CPS will raise its property tax levy to the maximum allowed and it’s not enough. All of this comes in addition to a new study confirming that Illinoisans pay the highest median property tax rate in the country. California-based analytics company CoreLogic reviewed real estate taxes nationwide. The study found that an Illinois property owner with a home valued at $200,000 will, on average, pay $2,720 more in property taxes annually than the national average.
