In Illinois, the benefits of lower borrowing costs were completely canceled out by tax hikes.
First, the median Illinois household saw a 38 percent hike in its effective property tax rate between the 2002-2004 and 2013-2015 periods. That’s close to five times the increase in the rest of the nation.
While the rest of the U.S. saw income tax rates fall, Illinoisans saw exactly what those politicians promise would lower their property tax burden: a 19 percent increase in the effective income tax rate. It was the third-largest hike in the nation…Please click here to read Austin Berg’s story in the Tribune/Daily Southtown.