Reality of Chicago taxes
 

To understand typical taxes on a $500,000 home in Chicago, consider the following points:

Property Tax Rate: The average effective property tax rate in Chicago is around 2.1%.
Estimated Annual Taxes: For a $500,000 home, annual property taxes would be approximately $10,500.
Tax Assessment: Properties are assessed at 10% of their market value for residential properties.
Exemptions: Homeowners may qualify for exemptions like the General Homestead Exemption, which can reduce taxable value.
Additional Taxes: Be aware of potential additional taxes, such as local taxes or special assessments.

Well……. Some come with mommy and daddy….:22yikes:

Why comparing Chicago and not New Mexico, Alabama, Alaska, Michigan…. O, I see it about comparing Illinois to villages florida.. :coolsmiley::coolsmiley:

They all must have a very low assessed value.

I agree
 

It’s the OPs premise. I couldn’t agree more.

Don't overlook the fact that taxes are commensurate with wages and wealth in Chicago.

Because those comparisons may not make The Villages look like a deal. There is a crowd of people who love The Villages and they are here. There's nothing wrong with that, the problems lies in indicating it's the only decent, affordable place to live in the states.

No way, those are old numbers my dad had a house in Naperville (Dupage County) and his taxes were $10,000 a few years ago, he passed away then.

We had a house in northern Illinois, Bull Valley, McHenry County, and our taxes were $13,000 when we sold last year.

We’ve owned here 6 years and full time since last August, our taxes here are super low compared to Illinois

Property taxes in Sumter County are dirt cheap provided that you bought your house and homesteaded before the 2020 COVID pandemic caused prices to soar. To those who bought afterwards, tough luck. That's the way the Florida property tax system works; you could be paying thousands more in property taxes than your next door neighbor for the same value house.

You need to deduct the amenities fee and the bond cost to fairly compare Taxes! It’s likely that your actual Property tax is closer to half the $7k

Governors Plan
 

Actually Sumter County has the 14 th highest Florida county tax rate. 53 counties tax less.

Florida could become the first state with no income tax and no property tax on primary residences if Governor Ron DeSantis gets his way. The proposal targets homestead properties - the homes where Floridians actually live - while leaving vacation homes, rental properties, and commercial real estate on the tax rolls.

These are all tax free

• Your primary residence (homesteaded)
• All property taxes: county, city, school, special districts
• No income or value limits
• Condominiums and townhomes (if homesteaded)

Losers

• Vacation and second homes
• Rental and investment properties
• Commercial real estate
• Vacant land and lots

About 20 billion would need to be made up through various taxes

You can read more at https://www.propertyexemption.com/gu...tion-desantis/

Sounds like you need to move back...talk about apples and oranges!

I don't know if people are too lazy to read all the posts or if they're comprehension level is low. :sigh:

Both.

Gee, how do find buyers with taxes that high?

Then why are you here?

Nor is there a charge for the live music. Businesses on the squares pay for that. :clap2:

Public sector workers.

Illinois as a state is a grease fire. They're in serious debt overall. Public employee pensions are severely underfunded, taxes are high, crime in Chicago is out of control, and at one point they had three ex governors in prison for corruption at the same time.

The capitol is in Springfield but all the political power is in Cook County/Chicago. It's been like that as far back as I can remember.
Thankfully we moved to southern Indiana many years ago and never looked back.

Once you get away from the northeast corner of Illinois it's a beautiful state, with lots of great people. Sadly they have no voice in the way the state is run.

You might have a point there. It is levied by district government, pays for government owened and operated facilities. It walks like a tax, and quacks like a tax, but in low tax Florida it is a fee?

Quit disrespecting Chicago. I just spent a week there and the onlly crime I experienced was the price of a burger at the Hilton, and the four levels of sales tax levied on food purchased at a restaurant.

See post #93. chilout

Some people like pain, and will even pay $$$ for it.

:1rotfl::1rotfl:

Post of the year.

Gotta pay for those pensions somehow.....

We came from NY and although my property taxes are creeping up we don’t paid state or city tax and don’t have the crime rate anywhere close to what is up north. If you don’t like the land of freedom in Florida you are certainly free to go back to the progressive state. It’s nut always about the dollar.

Got my powerball tickets. I'll let ya know tomorrow if I'm going back to CT. Fingers crossed.

I don't understand this list...How can Sumter county be higher than Marion County when every home I see in TV, the taxes are the complete opposite?

I hope you win, good luck. I'd love to tell people I know of someone who won big time! (That should be enough to live in CT until...lol.)

Already have it figured out. Taking the lower-valued cash payout, after taxes and splitting 50% of the balance with beloved spouse, I'll have around $200million. Give my sister and dad a couple million each just cause they should have it.

Buy a small ranch-style house in New Haven County, probably North Haven because of all the towns I've lived in and around in the county (born and raised in Hamden), I like that one best. Donate a crap-ton of money to various and sundry organizations such as battered womens' shelters and animal rescue groups. Have that damned hip replacement and hire a handful of caregivers to deal with my crotchety old self until I'm fully recovered.

Spend some time travelling. Go on the river cruise I've wanted to do for years. Maybe spend a couple months in Europe (UK, Ireland, Scotland, and Wales). Experience the bliss of grabbing a handful of fresh fallen snow from the back yard and eating it. Eat real pizza again. Overpay some neighbor kids to shovel my driveway every time it snows.

Buy a NEW car, for the first time in my life. In fact - buy a new car, AND buy a 1974 VW bus, fully restored, with chintz curtains and window screens for when I feel like taking off for a random weekend.

I could spend just $10 million in the first year (including gifts/donations), and live off the interest of the rest til I'm just ash in a ceramic jar.

It appears you have a good plan for your lottery success. Two thoughts, I personally would only leave 5 million in the bank and live off the interest since time is running out. The rest I would spread around and do as much good as I could. (That's me..) The other most important thought is you need to have the hip replaced asap and you indicated in earlier posts that Medicare is around the corner. It sounds like it's taking valuable time out of your life because you can't be as active as you'd like. Line up an excellent physician with many hip replacements already performed and great references. You won't need a houseful of help, recovery is relatively quick and easy unless you have underlying issues. And if we don't win the big prize, good luck to you.:beer3:

One of my old high school classmates is one of the top sports-med surgeons in the country. He's still based out of New Haven county and his ortho group specializes in knee and hip replacements. So I'd just call on him to do it.

I can still be active now, but it's painful. Bone-on-bone arthritis ain't no joke. But I'm hyper-flexible and have what's known as "open hips" so I can still dance, ride my bicycle, sit in the lotus position with relative ease. Walking and sitting like a normal person in a regular chair is hard to do, and lately sleeping is difficult if I roll onto my side.

My plan would be totally different. I’d tell my neighbor up north to quit his job and I’d pay him a generous salary with benefits to take care of our northern home so I could spend way more time at our Villages home. And my wife could fly back and forth, with private drivers to/from the airport, to her hearts content to visit the kids and their kids. I’d head back north, hopefully infrequently, as needed to get quality medical care and play some golf with my friends during the summer. And lots of scuba diving in the Caribbean would definitely be on the agenda, along with regulation size lap swimming pools at both homes.

That would take care of the first million, what about the remaining $400,000,000.? Plenty left to share or just sit in your checking account.:thumbup:

Oh well. I didn't even get a $40 payout. The good news - no one else won it either, so the jackpot amount just went up again.

Aces4 - not gonna keep just $5m in the bank. Maybe $50M. In various banks, all insured, at the maximum insured amount. I could have the interest from each transferred to a low-balance checking account so I can live off that every month.

But yeah after some thinking - I could buy a few small office buildings, hire some immigration lawyers to help with getting immigrants processed more efficiently into legal residency, maybe help them open businesses that serve their own communities so they can be productive, pay taxes, contribute to society in a positive way. And fully fund a few LBGTQ++ groups that help folks within that community seeking counseling and support. And maybe pay someone who's already proven to do a great job of managing a medical group, manage some clinics in medical deserts around the country so poor folks can have the same quality and availability of care as wealthier people. And definitely I'd find out the "most needed" locations where there are bodegas struggling, and contribute to paying their rent so they can keep prices low for their own communities, while still maintaining pride of ownership and dignity that comes with working for your business. I'd also probably want to open a few Veterans medical clinics, something like Urgent Care meets Rec Center, where our veterans can congregate together AND receive excellent care, while maintaining their independence. And then - I'd take the areas where homeless people are living in tents, and build tiny house neighborhoods in the vicinity, and let those homeless people live there under the condition that they live peacefully, maintain the property, grow their own community garden, and any who are eligible for public financial assistance, receive it and use some of it to pay for the community's upkeep. They need and deserve permanent addresses. Many who have mental disabilities, can't receive disability checks, because they can't maintain a permanent residence and that is one of the criteria to receiving disability checks.

For awhile until taxnettic finds out somebody hoarding their money they are entitled to by inheritance tax….

Yeah, we didn't have a number on the ticket. Back to doing our own work around the house which fortunately, we don't mind. I would hope that anyone winning that type of windfall would look around at the causes they would like to fund and support.

You don’t have George so so Money if you win. Especially after mister tax man comes calling. The billion turns into maybe 300 million if that. Then after you waste most of it probably be broke in two years like most lottery winners. :ho:

If I win I’ll be funding my cause…:sing:

And spend what's left of your days trying to manage your investments.:posting: Do what makes you happy. Per AI: Assuming a recent $1.3 billion Powerball jackpot, a cash option payout is estimated to be around $589 million before taxes. A lottery winner's final amount will vary based on their total taxable income and state of residence. After federal and state taxes, the final take-home amount could range from over $371 million to under $300 million. Btw, I think going out broke would be the perfect ending, last penny gone on the last day.