Lakewood Mayor Succumbs to High Property Taxes, Moves….

[Tim Liston]

It appears that the Mayor of Lakewood, Illinois, has finally decided enough is enough, at least with respect to Illinois’ highest-in-the-nation 2.67% property tax. He’s picking up and moving to Decatur, Alabama.

Leaving Illinois: How Simple Math Chased Away a Village Mayor and His Family (click here)

What are his Alabama property taxes going to cost him? Just $2,200 a year. That’s a lot lower than the $15,400 he’s paying on the home in Lakewood. If Serwatka saves that $13,000 difference every year and invests it at 6 percent annually for the next 20 years, he’ll have accumulated savings of more than $600,000 dollars.”

Simple math indeed. I wonder what might have happened if his tax rate was even higher than 2.67%. Like say 3.2% or so. At 3.2%, the property taxes you would pay, forevermore, are worth more than the home you pay them on. Obviously that's outrageous and nobody would pay that, would they?

[Bridget Conant]

Lakewood has one of the highest rates per value at 3.23%

But in case anyone thought OUR mayor was moving, his very modest 10% value increase probably will mean he will pay LESS tax due to HB 920.

All the rest of us schmucks with 30-65% increases in valuation will see a hefty increase on top of our already hefty taxes.


https://treasurer.cuyahogacounty.us/en-us/community-tax-rates.aspx