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New pension law could force municipalities to raise property taxes 60%

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posted on Jan, 1 2011 @ 07:27 PM
Oooo that's gonna be nice... especially for all the suckers who bought ``cheap US real estate``... not to mention property prices will continue declining.

The rape just won't stop uh? Won't stop till everyone is living in a government owned house or in jail, or homeless.

More Illinois insanity :

Ne w pension law could force municipalities to raise property taxes 60%

While most emphasis has been on Speaker Madigan's pension reform law setting up for later retirements and less cushy pensions for new firemen and law enforcement hires, little attention has been focused on the shift in pension fund pay=in burden that local city councils argue will now suddenly fall on their already cash-strapped budgets. Chicago's Mayor Daley blasted the reform bill Quinn signed on Thursday, predicting it will cause Chicago to hike its property taxes up to 60%.

Also there's a video report from ABC at the link.

For now I think it's just for Chicago... but you know, it's coming all around the US.

posted on Jan, 1 2011 @ 07:35 PM
I know if they raise property taxes by 60% where I live, there will definitely be a mass protest. Our property taxes are outrageous now! You can only tax and pull on the public tail so much until it bites back!

posted on Jan, 1 2011 @ 07:39 PM
Just another way for the bankrupt cities
to steal land back from the people.

If you don't pay your taxes on that
new cheap property (which is turning into a major investment)
Uncle Sam will come in and take it, sit on it, and not care
what you think about it.

posted on Jan, 1 2011 @ 08:00 PM
reply to post by thecinic

Yep. I'm thinking more and more that they are trying to push people to revolt.

People are saying to themselves...

We have little, we're trying to SURVIVE, the courts are rigged and always side with the government.

So there's two choices left.
- Bow down, let the bad guys steal your stuff, become homeless and be a slave or
- Do like those who founded America and say NO MORE TO TYRANNY and answer tax collectors with the muskets.

Pushing people like that, they are asking for trouble.

Like Solzhenitsyn said... if every GPU agent would have had to say good bye to their family every time they went to work because they didn't know if they would come back alive, maybe things would have been different and millions wouldn't have died in the gulags.
edit on 1-1-2011 by Vitchilo because: (no reason given)

posted on Jan, 1 2011 @ 08:03 PM
Oh, nonsense. In most states there are constitutional limits on property taxes which would prevent a city from simply "raising property taxes 60%!" It can't legally be done. Taxes are also based on property values, and with values going down, city budgets will follow because they have no choice. I do believe that some mis-managed pension funds are in trouble, but no one has to fear their property taxes will go up as a result.

posted on Jan, 1 2011 @ 08:09 PM
reply to post by schuyler

So what you're saying is that the government will follow the constitution? Well that would be a first.

Seriously, since when do they bother themselves with the constitution? They can always create/find a loophole.

posted on Jan, 1 2011 @ 08:22 PM
Our property taxes actually went down this year. They are ridiculously low in my state, particularly the area I live in...about $350 on average. We paid about twice that but we own almost 150 acres.

We left NY, where our friends were paying $25,000 and higher each year. Why own property?! After the income tax is rescinded, the property tax will be next. You don't own your property if it can be grabbed if you fail to pay taxes and people are waking up to that.

posted on Jan, 2 2011 @ 12:10 AM
reply to post by schuyler

Municipalities can always issue bonds or succumb to commercial credit financing. In this state, the effect of outstanding debt in a taxing district is not subject to the restrictions on the statutory property tax rate calculations. Big debt obligation payments incurred by a taxing district can drive up revenues while appearing to conform to statutes governing property tax rate increases.


posted on Jan, 2 2011 @ 12:24 AM
you are right, the taxes will go up...and likely more than that 60%,
see what they will do is lower the millage, but add new revenue generating taxes, just like the 'stormwater' assessments that are just beginning to get into play.

see... Bernanke, the Fed, the Treasury, all have set the standard.... they want high inflation
and increased taxes follows that model... whereas, decreasing the pensions, going into the
European mode of 'Austerity' is in all senses 'Deflationary'

the FED/Treas, central banker cartel, does not want a deflationary depression where all prices and
asset values decrease...they want the expansive inflationary system back in style,
and by making property too expensive for joe & jane 6 pack
it will all gravitate to the monied elite as time marches on,
with all the elites extreme compensation and even grander bonuses
that the public is paying for,
edit on 2-1-2011 by St Udio because: (no reason given)

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