'You won't be able to sell your house,' Daley warns - Says legislation would hike property tax 100%

[NNN0LHI]

http://www.suntimes.com/news/politics/2941832,CST-NWS-pension1203.article

Says passing pension legislation would hike property tax 100%

December 3, 2010

BY DAVE McKINNEY AND FRAN SPIELMAN Staff Reporters

The Illinois Senate on Thursday approved police and firefighter pension legislation that Mayor Daley warned would blow a $550 million hole in the city budget, but the top Senate Democrat pledged to try softening that financial hit next month.

The measure, which passed 46-4 and now heads to Gov. Quinn, essentially is a trade-off between police and fire unions wanting to keep their pension funds solvent and local governments aiming to cut pension costs. snip

But the legislation requires a steep ramp-up in contributions to the funds starting in 2015 -- and it mandates those contributions be paid for by property taxes. Daley estimates that would require a $550 million property tax increase.

[savalez]

1. This is some effed up stuff.

Homeowners should be able to vote on this.

[madrchsod]

2. well there`s going to be a lot of pissed off homeowners

or a lot of public service workers let go or not replaced.

maybe we should bring our manufacturing base back to the usa.

a small town up the road has lost 1000+ employees in the last two years. yesterday 500 were let go. at one time the town had a two major periodical mailers and two printing companies.

[NNN0LHI]

3. More like a lot of pissed off "former" homeowners

I won't be able to stay here where I live. Won't be able to afford the taxes real soon. About the time I get this house paid for the property taxes alone will exceed my original total mortgage payment when we bought this place. It was just a dream.

Don

[Ginto]

4. Don't worry, one of the rich will take your place. nt