Balta1701 Posted March 17, 2009 Share Posted March 17, 2009 QUOTE (mr_genius @ Mar 16, 2009 -> 05:58 PM) Because overall is better. As I clearly stated a high income tax increases the burden when used with everything else. Not really that tough a concept. So california has no ther taxes, just state income tax? California just has a ridiculously low property tax, especially given property values out here. (That really jacks up the state tax rate, because in a lot of places, property tax revenues go to fund city-based projects like schools. Out here, the property tax base is so limited thanks to Prop 13 that additional revenue needs to be raised somewhere, and Prop 13 required the State government to raise those funds. So therefore, income and sales and gas taxes have to go through the roof, because they have to not only fund what the state government would normally have to pay for, they have to fund all the city governments as well) Link to comment Share on other sites More sharing options...
mr_genius Posted March 17, 2009 Author Share Posted March 17, 2009 (edited) QUOTE (Balta1701 @ Mar 16, 2009 -> 08:13 PM) California just has a ridiculously low property tax, especially given property values out here. (That really jacks up the state tax rate, because in a lot of places, property tax revenues go to fund city-based projects like schools. Out here, the property tax base is so limited thanks to Prop 13 that additional revenue needs to be raised somewhere, and Prop 13 required the State government to raise those funds. So therefore, income and sales and gas taxes have to go through the roof, because they have to not only fund what the state government would normally have to pay for, they have to fund all the city governments as well) Cook county is kind of the same. relatively low property tax, everythign else crazy high tax. sales tax alone is 10.5% Edited March 17, 2009 by mr_genius Link to comment Share on other sites More sharing options...
CubKilla Posted March 17, 2009 Share Posted March 17, 2009 QUOTE (mr_genius @ Mar 16, 2009 -> 08:19 PM) Cook county is kind of the same. relatively low property tax..... You're joking right? Link to comment Share on other sites More sharing options...
Texsox Posted March 17, 2009 Share Posted March 17, 2009 QUOTE (CubKilla @ Mar 16, 2009 -> 10:45 PM) You're joking right? Relative is an interesting tool. Cook County is relatively cheap and relatively crazy expensive. Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted March 17, 2009 Share Posted March 17, 2009 QUOTE (mr_genius @ Mar 16, 2009 -> 08:19 PM) Cook county is kind of the same. relatively low property tax, everythign else crazy high tax. sales tax alone is 10.5% Cheap? Not from what I know, talking to people in other areas. Link to comment Share on other sites More sharing options...
StrangeSox Posted March 17, 2009 Share Posted March 17, 2009 (edited) QUOTE (NorthSideSox72 @ Mar 17, 2009 -> 09:26 AM) Cheap? Not from what I know, talking to people in other areas. Really depends on where you are, apparently. http://www.city-data.com/forum/chicago-sub...ook-county.html Cheapest: South Barrington 5.227-7.151 Inverness 5.227-7.456 Northbrook 5.337-6.184 Northfield 5.442-6.252 Glenview 5.541-6.763 Burr Ridge 5.550-5.926 Hinsdale 5.551-5.936 Most expensive: Country Club Hills 12.420-12.760 Ford Heights 21.52 It's more than DuPage. http://addisonadvantage.org/Property%20Tax%20Rates.htm It seems like the wealthiest areas (ie, highest property values) have far lower tax rates. Edited March 17, 2009 by StrangeSox Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted March 17, 2009 Share Posted March 17, 2009 QUOTE (StrangeSox @ Mar 17, 2009 -> 09:55 AM) Really depends on where you are, apparently. http://www.city-data.com/forum/chicago-sub...ook-county.html Cheapest: South Barrington 5.227-7.151 Inverness 5.227-7.456 Northbrook 5.337-6.184 Northfield 5.442-6.252 Glenview 5.541-6.763 Burr Ridge 5.550-5.926 Hinsdale 5.551-5.936 Most expensive: Country Club Hills 12.420-12.760 Ford Heights 21.52 It's more than DuPage. http://addisonadvantage.org/Property%20Tax%20Rates.htm It seems like the wealthiest areas (ie, highest property values) have far lower tax rates. I'm in the city. Let's put it this way. I have a 2 BR condo, in Bucktown. My taxes there for a year are 30+ times as much as I pay for 24 acres of land in New Mexico. Link to comment Share on other sites More sharing options...
Texsox Posted March 17, 2009 Share Posted March 17, 2009 QUOTE (NorthSideSox72 @ Mar 17, 2009 -> 10:26 AM) I'm in the city. Let's put it this way. I have a 2 BR condo, in Bucktown. My taxes there for a year are 30+ times as much as I pay for 24 acres of land in New Mexico. Undeveloped land or ag zoned, pays almost nothing, and that is how it should be. Link to comment Share on other sites More sharing options...
HuskyCaucasian Posted March 17, 2009 Share Posted March 17, 2009 THe first cut should be state funded healthcare for retired state employees. Link to comment Share on other sites More sharing options...
mr_genius Posted March 17, 2009 Author Share Posted March 17, 2009 (edited) QUOTE (CubKilla @ Mar 16, 2009 -> 10:45 PM) You're joking right? you must be thinking of the property assessment in Chicago. they will f*** you. it's totally messed up. Edited March 17, 2009 by mr_genius Link to comment Share on other sites More sharing options...
jasonxctf Posted March 17, 2009 Share Posted March 17, 2009 QUOTE (CubKilla @ Mar 17, 2009 -> 03:45 AM) You're joking right? i think cook county is cheap in comparison to the collar counties. my parents house in cook county has a fair market value of probably $300,000. They pay approx $5k in property taxes per year. my house in kane county has a fair market value of probably $460,000. I pay approx $10k in property taxes per year. maybe its different in the city, but comparing burbs in Cook to burbs in Kane, Kane is probably 25-30% higher than Cook. Link to comment Share on other sites More sharing options...
StrangeSox Posted March 17, 2009 Share Posted March 17, 2009 What's great with the whole housing market meltdown is that homes going for $150k in Bolingbrook have $5 or $6k a year tax liabilities. Link to comment Share on other sites More sharing options...
southsideirish71 Posted March 18, 2009 Share Posted March 18, 2009 (edited) QUOTE (jasonxctf @ Mar 17, 2009 -> 11:29 AM) i think cook county is cheap in comparison to the collar counties. my parents house in cook county has a fair market value of probably $300,000. They pay approx $5k in property taxes per year. my house in kane county has a fair market value of probably $460,000. I pay approx $10k in property taxes per year. maybe its different in the city, but comparing burbs in Cook to burbs in Kane, Kane is probably 25-30% higher than Cook. In Cook County, a house is assessed at fair market value, and your tax rate is applied at a formula of 16% of that fair market value. In the colar counties, its 33% of fair market value. I believe, and by far I am not an expert on this so feel free to jump in. FMV * percentage ( .16 for Cook/.33 for Cook/Kane and Lake * tax rate percentage which is based on the area you live in. Edited March 18, 2009 by southsideirish71 Link to comment Share on other sites More sharing options...
southsideirish71 Posted March 18, 2009 Share Posted March 18, 2009 “For a long time wealth has been redistributed from the pockets of working class people to corporations, special interests and others with loopholes,” Quinn said before boarding a plane to Springfield at Midway Airport. So lets tax those evil corporations. The Quinn income tax hike proposal would raise the rate to 4.5 percent from 3 percent for individuals , levels first reported last week by the Tribune, and to 7.2 percent from 4.8 percent for corporations. Daley: Quinn's tax plan could turn up heat on local tax increase Now I understand that those evil corporations are gettign away with murder making money and all. And how cheap their taxes are. Oddly I think that companies might react badly to this. Link to comment Share on other sites More sharing options...
Recommended Posts