Budget Buster: Living in IL

[angwill]

I don't think you understand the homestead exemption

So then explain it if you feel you understand it better, please.

PS. I had it explained to me by my accountant so if she is wrong or I in some way misunderstood I would like to discuss it with her again.

I am editing this because I looked on my real estate bill and it is listed as owner occupied exemption not homestead exemption sorry.

 

[akcire]

I think what bothers residents here the most is just the intense gloom that blankets the State concerning our State Government.

It doesn't help that 2 of our last three governors are in jail or soon to be in jail.

 

[mjkacmom]

I don't think Illinois taxes taken as a whole are as high as most of the Northeast States, but again, a huge chunk of our Tax Structure here is by authorities other than the state. County, region, high sales taxes etc.

I think what bothers residents here the most is just the intense gloom that blankets the State concerning our State Government. The money they collect is incredibly mismanaged. Nursing Homes and schools are owned millions of dollars because the State just simply doesn't pay. Our local School District just had to borrow money because the State of Illinois isn't paying what they owe.

The State Pension funds are severely underfunded and our Teachers don't pay into Social Security as a back-up. If the State finds a way to default on that Pension (which right now is Constitutionally guaranteed but who knows) we will have thousands of Teachers with no Retirement at all. Teachers are extremely worried about it.

And it seems like every other week we get a new article in the paper about the impending State Bankruptcy or some other corruption. Everybody is just disgusted with it.

LOL - I assure you that those of us in NJ are faced exactly the same issues! Our penstions are billions in the red. Every day doom and gloom in the news about our crisis situation.

 

[HHSTigerFan]

So then explain it if you feel you understand it better, please.

PS. I had it explained to me by my accountant so if she is wrong or I in some way misunderstood I would like to discuss it with her again.

I am editing this because I looked on my real estate bill and it is listed as owner occupied exemption not homestead exemption sorry.

On our tax bill we have a $5000 homestead exemption, so instead of getting taxed at an EAV of $61000, its $56000.. so if taken away, would raise our taxes by about $300, not 3X the amount..

 

[Pakey]

Premium was about $3.4x the last time I checked. That is why I try and fill up when I am on the MO side as there's is typically .20+ cents cheaper.

I paid $3.59 today for premium.

 

[angwill]

On our tax bill we have a $5000 homestead exemption, so instead of getting taxed at an EAV of $61000, its $56000.. so if taken away, would raise our taxes by about $300, not 3X the amount..

Ok thanks so mine will be $510 more which still sucks but not as bad. Now do you know if the 60% increase they are talking about is on the $510 or the total tax we pay on the home?

 

[bdcp]

Here in VA our state income tax rate is 5.75% and our county real estate tax rate is $1.30/$100 assessed value, plus we pay personal property tax that's assessed at $4.20/$100 of value. So this past year we paid over 8K in real estate taxes and over $600 in personal property taxes (car). The real estate tax fluctuates. When home values go up, it drops and when values drop, it goes up. so never any break there. Our sales tax is also 5%. Regular gas is between $3.03 (Sheetz station nearby) and $3.20 or so in more populated areas.

 

[disney*mom*82]

Im in Illinois too, farther south, more south central. DH and I are both teachers, so all I can say is

Some of the prices in this area are:

Gas $3.19 unleaded
Milk $3.00 per gallon (I always find it on sale around $2 though)
bread $1 (I always go to the Wonder Bread Store, so get best prices, IDK store price, over $2 Im sure)
We are in middle of buying a new house, 2200 sq feet, price aprox $135k, the property taxes range around $2400.
I dont pay much attention to all the other taxes and deductions, so cant say much about the rest.

I have lived in IL all my life too and really wish I could talk DH into leaving the state since our house sold, but he wouldnt, we both are established with our jobs and our kids have been in the same district since Kindergarten, they threw a fit when I wanted to move 15 miles away into the town DH teaches in.
Maybe when we retire...in 25+ years

 

[TMB1203]

I am in Northern Illinois. I agree that I don't want to see the tax rate go up, but Quinn openly said during elections that he was going to raise taxes. He still won the election. I guess he was at least honest..unlike our recent governors.

 

[FINFAN]

I am in Northern Illinois. I agree that I don't want to see the tax rate go up, but Quinn openly said during elections that he was going to raise taxes. He still won the election. I guess he was at least honest..unlike our recent governors.

so far...... It's just painful, is all....no place is perfect, but it just seems like we have been getting hammered lately.

 

[TMB1203]

Oh I agree Finfan! The whole state is a mess. If only I could get my DH to move!

 

[FINFAN]

me too! Both kids and I want out...DH is the one with cement shoes. In 18 months my youngest will graduate H.S. enabling us to pull up and head out. Our oldest is graduating college the same month and I will no doubt want to move within a 4-5 hour drive to wherever she lands work. DH knows and has known this for a long time....I ahve never wanted to stay in IL...I've put in my time, I'm done.
<----- Note my Tag

 

[angwill]

I have a feeling we are just leading the pack and all or most states will be following shortly behind in raising taxes. Is there even a state that is not a mess?

 

[FINFAN]

well, if that's the case, I don't want to be the leader..last is better

 

[IlliniMouse]

I haven't read through all of the replies, but I also live in IL and am not happy with our state's lack of money! All of this is leading to higher taxes across the board.

Fees for license plate stickers and drivers licenses have went up by quite a bit. My local sales tax has went up. And coming up is a referrendum for the school. The proposed increase is .50 for every $100 of your property's assessed value. Our school is broke. The state is broke. I am broke!

When is someone going to get it figured out???

 

[angwill]

me too! Both kids and I want out...DH is the one with cement shoes. In 18 months my youngest will graduate H.S. enabling us to pull up and head out. Our oldest is graduating college the same month and I will no doubt want to move within a 4-5 hour drive to wherever she lands work. DH knows and has known this for a long time....I ahve never wanted to stay in IL...I've put in my time, I'm done.
<----- Note my Tag

We are already fed up. We own a corporation and they already taxed us out on the company. My Dh is the one who also had the cement shoes till about 6 months ago and now he is 100% ready to put our house on the market this coming spring. Now it is just wait and see how long it will take to sell.

 

[HHSTigerFan]

As is always the case, the state spends too much money, but when things need to be cut people will complain.. for those living in Illinois, where would YOU cut?

 

[kelleyrn2000]

As is always the case, the state spends too much money, but when things need to be cut people will complain.. for those living in Illinois, where would YOU cut?

Well they are just now reforming Medicaid, so that people actually have to prove residency before receiving it . That is going to save some money, and for years we have wondered why they hadn't done this. I read an article that 1 in 5 Illinois residents is on Medicaid. That seems pretty high to me.

 

[angwill]

Well they are just now reforming Medicaid, so that people actually have to prove residency before receiving it . That is going to save some money, and for years we have wondered why they hadn't done this. I read an article that 1 in 5 Illinois residents is on Medicaid. That seems pretty high to me.

Wow 1 in 5 sounds really high and you would think proof of residency would be needed to recieve it already.

As for what I would cut would be as is being discussed currently in Illinois, pensions and raises for government officials to start.

 

[angwill]

While other states do have higher income taxes people don't realize that IL has thousands of differing taxing bodies above and beyond income taxes. We have some of the highest taxes on gas, property, etc. We are also one of the states that has HUGE budget problems yet we have quite a few social programs (again above and beyond most of the other 49 states). The government in IL REFUSES to cut any programs yet they want to continue to raise taxes and spend, spend, spend....

I am still curious to hear what social programs above and beyond most other states we have here in IL. I am sure if we have so many more some of them could be cut to save taxes.