In Peoria County, homeowners pay 5 percent of their household income to property taxes; McLean County homeowners pay 4.7 percent of their household income to property taxes
PEORIA (Dec. 17, 2015) – Peoria and Bloomington area homeowners are in the top quarter of property tax payers in Illinois, according to a new report issued today by the nonpartisan Illinois Policy Institute.
The report, “Growing out of control: Property taxes put increasing burden on Illinois taxpayers,” takes a look at how much homeowners pay in property taxes as a percentage of household income. The report found that all across the state, property tax bills are climbing at a rate many times faster than household income growth. But in the Peoria and Bloomington areas in particular, property taxes are climbing at a steep rate.
“Governments in Illinois are spending and taxing at record levels, far outpacing the rate of growth in income of the taxpayers who fund government,” said Ted Dabrowski, vice president of policy at the Illinois Policy Institute. “For a lot of homeowners, property tax bills have become like a second mortgage. In Peoria County, homeowners are forking over 5 percent of their household income to property taxes alone and in McLean County it’s 4.7 percent. There’s been a lot of talk recently about a property tax freeze, but it’s time for lawmakers to enact one.”
Highlights from the report:
- The average homeowner in Peoria County pays $2,518 in property taxes every year.
- Homeowners in Peoria County pay 5 percent of their household income to property taxes, according to the latest data available from the U.S. Census Bureau, which is from 2013.
- Homeowners in Peoria County have the 15th highest property tax burden in the state of Illinois.
- The average homeowner in McLean County pays $2,923 in property taxes every year.
- Homeowners in McLean County pay 4.7 percent of their household income to property taxes, according to the latest data available from the U.S. Census Bureau, which is from 2013.
- Homeowners in Peoria County have the 18th highest property tax burden in the state of Illinois.
- Homeowners in the city of Bloomington pay 5 percent of their household income to property taxes, and the average property tax bill is $2,989.
Across the state of Illinois, property tax collections are at an all-time high. Property taxes are the single-highest tax burden faced by residents – more than income or sales taxes. Since 1990, property taxes in Illinois have grown 3.3 times faster than median household income, the report found.
The Institute’s report is available online here: https://www.illinoispolicy.