This ARTICLE On Illinois Property Tax Relief Force Votes Against Ending Conflict Of Interest Was PUBLISHED On October 6th, 2019
Most Illinois lawmakers have other full-time jobs.
- Being a lawmaker in the Illinois legislature is often a second and/or part-time job
- A large number of lawmakers often supplement their income by doing Illinois property tax relief at private law firms
- The state has an Illinois property tax relief task force that investigate property tax issues in the state
- Many lawmakers belong in this task force
- The Illinois property tax relief task force which is comprised of lawmakers just killed the bill that gave the task force a proposal to end the conflict of interest in the state was just shut down
In this article, we will cover and discuss how the Illinois property tax relief force shut down the proposal in ending the conflict of interest in the state.
Illinois Property Tax Relief Task Force Refuses To Investigate Property Tax Corruption
An Illinois Property Tax Relief Task Force was created and formed to investigate property tax compliance and abuses in the state.
- Some lawmakers proposed the Illinois Property Relief Task Force investigate potential abuses including conflict of interest from lawmakers who profit from the system
- Unfortunately, the Task Force refused to look into corruption and abuses on potential conflict of interest in state lawmakers profiting from the system
- This included House Speaker Michael Madigan who has a lot of clout and could potentially have a conflict of interest
- This came as an abrupt surprise to lawmakers and taxpayers
Talks of corruption and conflict of interests alarmed many Illinoisans.
Task Forces Decides To Deny Ending Conflict Of Interest
State Representative Deanne Mazzochi, a Republican from Elmhurst, introduced a measure for the task force investigating and ending conflicts of interest on lawmakers using and profiting the state’s property tax system.
- However, the measure was declined on August 29th by the Property Tax Relief Task Force
- Illinois has the second-highest property taxes in the nation behind New Jersey
- Experts and analysts expect Illinois property taxes to surpass those of New Jersey by late 2020 making the state with the highest property taxes in the nation
- Many lawmakers have other full-time jobs and work for law firms as property tax appeals specialists
- There are many concerns that these lawmakers who are working as property tax appeals attorneys are profiting from the state’s system
- Chicago Alderman Edward Burke is under federal investigation for fraud for using the City of Chicago to profit from his property tax appeals law business
Illinois House Speaker Michael Madigan has one of the largest property tax appeals law firms in the state. Many suspect the Speaker is profiting big time from the Illinois property tax system which can be a criminal offense.
Below is a chart of Illinois property tax law firms and its numbers:
Mike Madigan has been a lawmaker for the past 30 years making him the most powerful Illinois legislator. During the period he was a lawmaker, Michael Madigan’s law firm has appealed property taxes on more than 4,300 real estate properties. The assessed values of the 4,300 properties total more than $8.6 billion. Madigan’s law firm hands down are the number one law firm with the most property tax appeals cases. The word for property owners is if you want your property appeals done by the best, use Michael Madigan’s law firm since he has clout.
Massimo Ressa, the Chief Operating Officer at Gustan Cho Associates and Illinois property tax expert, said the following:
No other firm handled more value in commercial and industrial properties during that time. On those parcels, Madigan & Getzendanner won $1.7 billion in assessed value reductions from the Cook County assessor, a 20% reduction overall. Politically connected property owners benefit by paying lower property tax bills, as does Madigan when his firm takes its cut. But the property tax levy the county must collect is still the same, meaning the burden must fall onto other commercial or industrial property taxpayers. Cook County’s flawed assessment process is in no small part to blame for this system. The 2017 investigation also found that high-value properties in the county were systematically undervalued, therefore paying less in property taxes, while lower-value properties were systematically overvalued, meaning they paid more. Illinois residents already pay among the highest property taxes in the nation. They don’t need an added corruption tax. Whose interests are they really looking out for?
Illinois Broken Pension System
Illinois has a financial crisis. JB Pritzker not only raising existing taxes but creating new taxes to cover the shortage.
- Illinois pension system is broken and on the verge of bankruptcy
- Peoria Illinois has created a new property tax fund to meet the police and firefighters’ pension shortage
- Kankakee Illinois cannot meet the pension shortfall
- Illinois has a $241 Billion deficit in its police and fire pension fund
- In general, state government needs to be run like a business
- In business, it is not how much you make but what you spend
The Pritzker Administration is raising a lot of taxes but is not cutting spending. Actually, they are increasing spending.
How To Stop Illinois Taxpayers From Fleeing To Other Low-Property Tax States
There are more residents fleeing Illinois than any other state. New York ranks as the number two state where residents are fleeing the state to other low-taxed states right below Illinois. Illinois politicians need to run the state like a business. Why are states like Florida, Tennessee, Kentucky, Texas raking in billions in revenues and having new residents move there in droves and Illinois is broke? Illinois needs to think about gaining not just new residents but new businesses. High taxes and a major budget deficit is not the answer. Raising taxes will only force taxpayers to leave the state. High property taxes mean home values depreciating. Public corruption is another issue devastating the state. There are more public corruption investigations and convictions by the FBI and the U.S. Attorney Offices in Illinois than any other state. This is a developing story at Gustan Cho Associates Mortgage News. We will keep our viewers updated as more develops on this story. Stay Tuned.