Jay Kinzler, a Republican from Glen Ellyn vying against Rep. Deb Conroy (D-Villa Park) in the 46th District, said a statewide property tax recently proposed by a Federal Reserve Bank of Chicago speaker is a bad idea.
“More people who work hard, pay their taxes and are producers will leave the state at a faster rate if this tax is enacted,” Kinzler told the DuPage Policy Journal. “This will make the tax counterproductive.”
The Chicago Fed speaker proposed a levy of a special statewide property assessment, which would be in addition to current local property taxes, that would be about 1 percent of actual property value each year for three decades.
An article by Wirepoints said “homeowners with houses worth $250,000 would pay an additional $2,500 per year in property taxes; those with homes worth $500,000 would pay an additional $5,000; and those with homes worth $1 million would pay an additional $10,000.”
“The current scheme of proposing a 1 percent additional increase in statewide tax to help with pensions if you don’t cut the enormously generous pension payments and also cut spending across the board ... will not help,” Kinzler said. “Most of those people leaving Illinois are good, reliable consumers and residents who pay their taxes.”
As pointed out in the Wirepoints article, Illinois has the highest property tax rate in the nation with a median property tax rate of 2.67 percent.
“I think we should lower property taxes from their current highest rate in the U.S. to the average tax rate in the U.S.,” Kinzler said. “They can cut out the corruption ... and wasteful spending, the huge pension payments and basically allow the people of Illinois to keep more of their own money and live with a reasonable tax that doesn’t drive more people out of the state.”
The 46th District includes all or part of Glendale Heights, Carol Stream and Villa Park.
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