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Chicago – North side residents drown from higher property taxes as The Illinois Pension Crisis worsens.
Already burdened by some of the highest property taxes in the country, Chicago communities such as Lakeview are seeing their property taxes soar after recent property tax assessments. The average increase in Lakeview alone is 32 percent, and increases as high as 50 percent have been reported. Combined with other tax increases, including another property tax increase pushed by the Mayor of Chicago, the situation is going from bad to worse.
As reported on by the Chicago Tribune, the greedy City of Chicago will be hiking taxes on property, water and sewer. There will also be increased fares for the CTA and increased monthly fees for 911. The Chicago Turbine has finally identified the cause of these tax increases, Illinois pensions.
“The vast bulk of the money raised will be spent on fixing underfunded government worker pension systems that were at risk of going broke. It’s a point Mayor Rahm Emanuel often raises, also noting that he’s trying to end the practice of papering over Chicago’s longstanding financial woes accrued under former Mayor Richard M. Daley. That, however, may be cold comfort to taxpayers now shouldering the burden.”
The state of Illinois pension system has been a burden on taxpayers for years. A recent example of the Illinois Pension Crisis was Harvey Illinois. It was reported that due to pensions, Harvey Illinois was forced to lay off a quarter of the police force and almost half of their fire fighters to pay lavish pensions.
Below are just some of the pensions the citizens of Chicago are forced to pay.
Chicago Municipal Retirees
Top 5 Pensions as of 2017
|Name||Current Annual Pension||Age at Retirement||*Estimated lifetime payout|
Click here for the Chicago municipal retirees top 200 Pensions
“All of the top 200 Chicago pensions for the ‘poor civil servants’ are at least $100,000 a year,” stated TUA’s president, Jim Tobin. “The average retirement age for this group of pensioners is only 58. Social Security requires taxpayers to reach age 67 before they are eligible for full retirement benefits…which max out at about $32,000 a year”