CHICAGO—Not only has Illinois lost more population than any other state, but, according to the nonpartisan Washington, D.C. Tax Foundation, only 5 states have higher property taxes.
“No wonder Illinois is hemorrhaging businesses and middle class taxpayers to states with lower taxes,” said Jim Tobin, president of Taxpayers United of America (TUA). “Illinois’ middle-class tax base is on the ropes. Greedy municipalities keep raising property taxes to fund the pensions of retired government employees.”
The foundation points out that local businesses also are victims of high property taxes: “Across the nation, property taxes represent one of the most substantial state and local tax burdens most businesses face. In fiscal year 2013, taxes on real, personal, and utility property accounted for 36.1 percent of all taxes paid by businesses to state and local governments.”
This year, the states with the best scores on the property tax component are New Mexico, Indiana, Utah, Idaho, Arizona, and North Dakota. On the other end of the spectrum, Connecticut, Vermont, New Jersey, New York, the District of Columbia, Massachusetts, and Illinois had the lowest scores on the property tax component.
According to the foundation, “States put themselves in a better position to attract business investment when they maintain competitive real property tax rates and avoid harmful taxes on intangible property, wealth, and asset transfers.”
Click here to view original Tax Foundation property tax report.
Click here to view why Oberweis is scaling down in Illinois because of high taxes.
