2aguy
Diamond Member
- Jul 19, 2014
- 111,977
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The democrat party is emptying out the city of Chicago. Their tax policies alone are driving out people who create jobs.......and this is intentional. They drive out the wealthy, and then only the people who will vote for democrats remain....yes, it is short sighted and stupid...but the democrat party would rather rule over bones and ashes than be out of power....
During the past decade, Chicago’s commercial property taxes have jumped 93 percent. The city taxes commercial properties at 3.78 percent of their value each year—the nation’s second-highest effective tax rate and more than double the average for the largest cities in each state. By comparison, San Francisco has an effective rate of 1.18 percent.
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Consider the plight of the Marinos family, owners of Bel Mar Wire Products in Bucktown. Their journey embodies the American Dream—immigrants who built a stable, family-owned manufacturing firm. But in December 2022, they were ambushed by a nearly 400 percent property-tax hike. Their massive tax bill forced them to let half of their dedicated workforce go.
“We just went through COVID. Closures, price increases, surges of gas, of food, insurance, costs, short labor supplies,” said Aliki Marinos. “We feel like you’re kicking us out, like you don’t want us here, like you want us to fail? That’s what it seems like.”
Marinos’s frustration mirrors that of other businesses in the area, big and small, struggling under crushing tax burdens. Cook County business owners in the north and northwest suburbs saw a 134 percent increase in property tax hikes in the past 20 years, from $12,282 to $28,710. Commercial property tax hikes in the south and southwest suburbs were not far behind.
The famed Willis Tower saw its property taxes rise by 29 percent in 2022, resulting in an $11 million hike in a single year. That brings the tower’s property tax bill to more than $50 million annually. Prudential Plaza and its 64 stories saw a similar 24 percent increase, bringing its bill to over $27 million last year. These hikes will likely get passed on to tenants in the form of rent increases.
If the devil exists....the democrat party belongs to him....
During the past decade, Chicago’s commercial property taxes have jumped 93 percent. The city taxes commercial properties at 3.78 percent of their value each year—the nation’s second-highest effective tax rate and more than double the average for the largest cities in each state. By comparison, San Francisco has an effective rate of 1.18 percent.
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Consider the plight of the Marinos family, owners of Bel Mar Wire Products in Bucktown. Their journey embodies the American Dream—immigrants who built a stable, family-owned manufacturing firm. But in December 2022, they were ambushed by a nearly 400 percent property-tax hike. Their massive tax bill forced them to let half of their dedicated workforce go.
“We just went through COVID. Closures, price increases, surges of gas, of food, insurance, costs, short labor supplies,” said Aliki Marinos. “We feel like you’re kicking us out, like you don’t want us here, like you want us to fail? That’s what it seems like.”
Marinos’s frustration mirrors that of other businesses in the area, big and small, struggling under crushing tax burdens. Cook County business owners in the north and northwest suburbs saw a 134 percent increase in property tax hikes in the past 20 years, from $12,282 to $28,710. Commercial property tax hikes in the south and southwest suburbs were not far behind.
The famed Willis Tower saw its property taxes rise by 29 percent in 2022, resulting in an $11 million hike in a single year. That brings the tower’s property tax bill to more than $50 million annually. Prudential Plaza and its 64 stories saw a similar 24 percent increase, bringing its bill to over $27 million last year. These hikes will likely get passed on to tenants in the form of rent increases.
That Taxin’ Town
High business taxes are driving more Chicago businesses away—and threatening the city’s economic future.
www.city-journal.org
If the devil exists....the democrat party belongs to him....