Wednesday, June 27, 2012

Property Values Down, Tax Rates Up, Pension Pork

The suburban Daily Herald:
An even larger increase of 23.7 percent came in Rolling Meadows. Finance Director Melissa Gallagher said pensions account for 86 percent of the city’s levy, and that officials had to increase the levy by $1.2 million to more adequately fund them.
Chicago Tribune:
On Tuesday, the clerk released the tax rates for village halls, libraries, park districts and other agencies throughout the county. The information is used to calculate property tax bills, which are expected to start going out this weekend and are due Aug. 1 — the earliest payment deadline in 34 years.
Some homeowners might be hard-pressed to make good, because it will be the third property tax bill they've received in nine months, said Myer Blank, a former city tax expert who works for a tax consulting firm.
But who cares, as long as the public unions get theirs.

And we would be remiss if we didn't mention this:  Corruption Rampant In Chicago Suburbs, According To UIC Report Demanding Investigation 

Have a nice day with your local fatboy gov
10h Anne Leary@backyardconserv
 It beginsRT : Stockton set to become largest U.S. city to declare bankruptcy as officials say mediation failed. -MM
  1h Anne Leary@backyardconserv
 Maybe JesseJr's working on his Hindi Defense: Mum's the word on Jackson Jr.

 In IL, the pension system for teachers is about as well funded as a Bernie Madoff fund: 18.8 percent of what it needs.

P.S. How Unions Just Shot Workers in the Foot
And this, from an alert reader of the blog:
Stockton prepares to go bankrupt:

They cite $700mm debt (on 300,000 residents/90,000 households) = $7777 per household.

Every Chicago household’s share of local govt. debt: $63,525

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