McHenry County businesses dreading pension shift
The plight of Illinois homeowners is center stage in the debate over the idea of shifting the responsibility of teacher pensions from the state to local property taxes.
Property taxes make up the majority of most property owners’ tax bills, and, on average, school districts rely on property taxes for two-thirds of their revenues. Although home values have plummeted in the bursting of the housing bubble, many homeowners have watched in frustration as their tax bills have increased.
But businesses and industries in McHenry County are assessed at the 33.3 percent, the same as homes. And business leaders and experts are starting to worry that a property-tax increase will not help in what they see as an Illinois’ economic climate that already is not business-friendly.
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