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How much are residents willing to take?
Chicago homeowners have long faced high property taxes, but even by the city’s standards recent tax increases are shocking.
According to a report from the Cook County Treasurer, the median residential tax bill increased 17% last year, the largest increase in 30 years. In some poor areas of the city, homeowners’ taxes doubled, increasing by around $2,000. The Treasurer said the main reason for these hikes is a “dramatic” decline in commercial property values and taxes in Chicago’s downtown, the Loop.
Chicago is not alone. For decades, America’s central cities have relied on a cornucopia of tax dollars from downtown office buildings to subsidize generous services. But the work-from-home revolution devastated the downtown office market. While some have worried the office decline will cause an urban “doom loop” of ever-more stretched budgets, it appears cities are just shifting the tax burden onto homeowners. Cities should consider how much more their residents can take.
Continue reading the entire piece at the Daily Wire
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Judge Glock is the director of research and a senior fellow at the Manhattan Institute and a contributing editor at City Journal.