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 Illinois homeowners still have yet to recover much of the home
value they lost after the housing market crash. But that hasn’t stopped those
homeowners’ property tax bills from climbing.
Average home prices in Illinois are still 21% lower today than in 2007,
according to the most recent data from the Federal Housing Finance Agency.
Even though homes are worth less than they were more than a decade ago, Illinois
property tax bills have jumped by 9%, after adjusting for inflation.
The recovery of home prices in Illinois is more painful compared with the
national recovery. Since 2007, the decline in home values remains 300% worse in
Illinois than the national average – with homeowners nationwide seeing property
values just 5% lower today on average than they were in 2007.
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Home ownership is the biggest investment most
families make. But it’s not only a financial investment – it’s an
investment in that community and the state of Illinois.
It’s an investment fewer people are making:
Outbound residents have driven net population loss five years
running. And government data show local governments in Illinois did
not adequately reduce property tax levies after the recession,
leaving a shrinking tax base to pick up a growing share of the
burden.
Home prices are tied in part to the demand of prospective
homeowners. Without serious property tax relief, it is likely fewer
will demand planting roots in Illinois.
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