Property Tax Relief For Illinois Homeowners During Pandemic
BREAKING NEWS: Property Tax Relief For Illinois Homeowners During Pandemic
Good news for Illinoisans is Property Tax Relief For Illinois Homeowners During Pandemic may be seen in 2020.
- Illinois has the second highest property tax rate in the country
- Only New Jersey has higher property taxes
- The economy was booming prior to the pandemic
- Many states like Indiana, Tennessee, Florida, Texas, and dozens of Republican-led states were raking in billions in revenues due to the booming U.S. economy
- Then the COVID-19 pandemic hit the nation and the economy plummeted crushing finances for all 50 states
- However, Illinois was struggling financially prior to the pandemic
- The state is now in dire financial crisis
- Freshman Illinois Governor JB Pritzker and Democrat state lawmakers are seeking a $50 billion bailout from the federal government
- Out of the $50 billion federal bailout includes a $10 billion pension debt bailout
- The federal government is against bailing out states for their financial mismanagement prior to the pandemic
- However, Illinois Governor JB Pritzker is trying to capitalize the pandemic in getting federal aid to cover the state’s major budget shortfall
- Illinois also has the highest overall tax rate in the nation besides high property taxes
- This is mainly due to mismanagement, financial irresponsibility, spending out of control, incompetent politicians, and corruption
Pritzker does not seem to have any other solution in fixing the high tax problems in Illinois besides raising taxes.
Illinois Has A Broken Pension System
- No matter how much the state increases property taxes and other taxes, the state is digging further into a deeper hole
- Pritzker does not seem to understand the state needs pension reform
- However, he rather bankrupt the state than fix the Ponzi Scheme Model pension system
- This is skyrocketing property taxes and lowering property values
- There are more businesses and individual taxpayers fleeing Illinois than any other state in the nation. Illinoisans are one of the biggest hit financially due to the pandemic
- The good news is some counties are offering Property Tax Relief For Illinois Homeowners During Pandemic
- This relief is not forgiveness but rather a delay in paying property taxes without penalties
In this breaking news article, we will discuss and cover Property Tax Relief For Illinois Homeowners During Pandemic.
Temporary Property Tax Relief For Illinois Homeowners During Pandemic
Property Tax Relief is not property tax forgiveness.
- Property Tax Relief is when the government gives a delay for homeowners to pay for their property taxes due to financial hardship
- Millions of homeowners have gone without a paycheck for weeks due to the economic shutdown due to the coronavirus pandemic
- Due to the governor’s stay at home order, many county governments have approved measures to delay property tax payments
This is a blessing for unemployed homeowners who are financially struggling due to the COVID-19 pandemic.
Illinois Counties Offering Property Tax Relief
Kane County, Illinois has approved a measure not to charge late payment fees for property tax payments that is due on June 1st.
- This is valid only if homeowners can pay by no later than July 1st
- This is only valid for homeowners paying property taxes by themselves and not by a third party such as a mortgage lender paying taxes from an escrow account
- McHenry County, Illinois is offering property tax relief of a 90-day extension on late fees and interest
- Homeowners in McHenry County can delay paying their property taxes until September 15th without any late fees and/or penalty
- Homeowners with escrow accounts paid by a third party like a lender does not qualify for this time delay
- DuPage County homeowners who have been financially impacted by the coronavirus pandemic will have an extra 90 days extension in paying their property taxes without penalty and/or fees
- However, DuPage County requires to provide proof of hardship such as unemployment letter in order for homeowners to be eligible for the property tax payment extensions
- Sangamon County is extending the property tax due dates to June 12 and Sept. 12 to give homeowners additional time to get stimulus checks, unemployment checks, and other forms of financial aid
St. Clair County extended mailing tax bills from May to June 15th. The extended property tax due dates is now July 30th and September 30th.
Not All Counties Are Offering Relief For Homeowners
Not all Illinois counties are offering property tax relief to homeowners. For example, Lake County Illinois board members voted against property tax payment extensions to its property owners. Most Illinois counties were financially stressed prior to the pandemic. The COVID-19 pandemic crippled finances in most counties throughout the state.
Piotr Bieda of Gustan Cho Associates is a licensed realtor and property tax expert. He said:
Residents will still need to turn in their bills by June 8. Other counties, including Cook, have not considered changing the payment deadline. Under Illinois law, areas under a disaster declaration can waive fees and change due dates on property taxes. All 102 counties in Illinois are considered disaster areas by both the state and federal governments because of COVID-19. Illinois homeowners again paid the nation’s second highest property taxes, behind New Jersey. Illinois taxes average $4,705 on a $205,000 house, the national median. This is the third consecutive year the two states ranked No. 1 and No. 2 in the property tax survey. Unsustainable growth in public pension costs is driving property taxes up and forcing local governments to cut the services people expect for their taxes. Pension liabilities have risen faster than taxpayers’ ability to pay, with the all-too-common response being new and more creative ways to tax residents.
Pritzker and state lawmakers need to realize they cannot spend more money then they rake in. All the tax increases in the world will not fix the financial problem Illinois has been facing for years. JB Pritzker seems clueless in fixing the state’s financial crisis. He is raising taxes on over 20 plus items and creating new taxes. The pension system in Illinois is getting worse and worse every year. It is like a ponzi scheme that is out of control. The pension system is approaching $200 billion in debt with no light at the end of the tunnel. The only solution in fixing the state’s financial crisis is to undergo a constitutional pension reform. There are more money paid out to retired public workers than new money coming in. However, Pritzker and Democrat lawmakers do not want to piss off the unions and public worker organizations because they need the votes to stay in office. Pritzker’s solution in fixing the state’s major financial crisis is increasing and creating new taxes. To add to the state’s financial mounting debt crisis, Pritzker has delayed reopening Illinois and extending his stay at home executive order. This is angering business owners, local politicians, and taxpayers. The freshman Illinois politician is becoming very unpopular among Illinoisans. Many groups were started to impeach the first term governor.