A Tax to Grind | A Blog to Enlighten and Entertain Those Afflicted with Property Tax

Will Property Taxes Save Chicago from the Pension Monster?

Topic: A Tax to Grind, A Tax to Grind

Thursday, 30 July 2015 by David H. LeVan

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Will property taxes save Chicago from the pension monster? According to the Huffington Post, Chicago has over $34 billion in pension debt. The Chicago Public Schools has $9.6 billion in pension debt with less than 50% of the funds necessary to pay out benefits. The police pension has $6.9 billion in pension debt with less than 30% of the funds. And, the Chicago firefighters has $3.1 billion in pension debts with less 24% of the funds. The grand total of $34 billion in pension debt is roughly $33,500 per household.

Mayor Rahm Emanuel has suggested an increase of $175 million for this year to cover the schools pension obligations. Crain’s Chicago Business is predicting that property taxes could go up by 30 percent overall this year. Nuveen Asset Management estimates that Chicago would need over 50% increase in property taxes to begin tackling its pension monster. And here’s the rub. Can you continue to raise property taxes on a relatively stagnant population (the population of Chicago has remained flat for over a decade)? Additionally, one has to presume a decrease in city services since property tax increases would be used to cover pension liabilities, not services.

Summing it up. The Pension Monster has created a mess, billions in debt. Property taxes will need to radically increase if they are to be the hero.

Chicago Pension Monster

Unclaimed Lotteries and Property Tax Refunds

Topic: A Tax to Grind, A Tax to Grind

Thursday, 23 July 2015 by David H. LeVan

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It’s always shocking to me that lottery winnings go unclaimed! Who buys these tickets and then forgets to claim them after they win? And, we’re not talking small amounts. There is a $1 million lottery ticket sold in Streamwood, IL in February that is currently unclaimed. And million dollar unclaimed lottery tickets are not uncommon. According to CNN Money about 300 prizes worth a million or more went unclaimed in 2013!

But what about property tax refunds? Surely, folks who file appeals follow up to collect the refunds. Not always. The San Diego County Treasurer is currently seeking owners of $1.3 million in unclaimed funds, primarily property tax refunds that haven’t been claimed. Who files appeals and refund claims and then forgets about them?

Advantax-A Tax to Grind

“Learn to Love the Property Tax – It’s Not So Bad”

Topic: A Tax to Grind, A Tax to Grind

Thursday, 09 July 2015 by David H. LeVan

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Property tax may be the most hated tax in the United States, but this article by Forbes encourages us to “Learn to Love the Property Tax – It’s Not So Bad”. It’s a quick read and probably worth a few minutes of your time. Let me know what you think.

I love Property Tax