The Federal Reserve in Chicago proposed a nitwit (what's new?) proposal to fund pension plans of government employees and unions.
They propose enacting legislation for a "special property assessment" of 1% of the home's value for 30 years. This is on top of the current property tax.
$100,000 home pay $1,000/yr; $500,000 home pay $5,000/yr and so on.
And you wonder why that state is on the verge of declaring bankruptcy. Seattle needs to take a look at coming attractions.
http://www.cdobs.com/archive/featured/worst-idea-in-illinois-statewide-property-tax/
They propose enacting legislation for a "special property assessment" of 1% of the home's value for 30 years. This is on top of the current property tax.
$100,000 home pay $1,000/yr; $500,000 home pay $5,000/yr and so on.
And you wonder why that state is on the verge of declaring bankruptcy. Seattle needs to take a look at coming attractions.
http://www.cdobs.com/archive/featured/worst-idea-in-illinois-statewide-property-tax/
