Dupage Policy Journal

Rep. Jeanne Ives (R-Wheaton) feels the pain of Illinois taxpayers squeezed by a system of spiraling property taxes and dwindling home values.

“Every day, more people are finding themselves underwater on their homes and unable to sell the property because of all these rising taxes,” Ives told the DuPage Policy Journal. “It’s a curse that comes to impact almost everything.”

Ives’ assessment gains traction based on a recent study by property data experts ATTOM Data Solutions, that found that 387,854 property owners across the state are underwater on their mortgages and now owe at least 25 percent more on their loans than their property is worth.

“Lower property taxes would help the market because right now many people are unwilling to invest in property because of all the taxes,” Ives said. “A lot of people bought homes planning to be out of them by now, but as taxes eroded their ability to sell them they’re now stuck in a home they can’t afford and are unable to sell because of the taxes.”

Boone, Montgomery and Bond Counties had the highest percentage of property owners saddled with underwater mortgages. Forty percent of Boone County properties are seriously underwater, as are 38 percent of Montgomery and 37 of Bond Counties.

Ives doesn’t see any magical solutions coming any time too soon, she said.

“Politicians right now are all working on their campaigns or on summer break,” she said. “As for actually addressing the problem, some of us have voted in favor of freezing taxes many times and, yet, they’re still not frozen. Until politicians realize more people will continue to leave and even fewer businesses will decide to come, we won’t change the situation or get things moving in the right direction.”

Ives hopes voters realize that the time has come to dump longtime House Speaker Mike Madigan (D-Chicago), she said.

“This November’s election needs to be about deposing Madigan and bringing in more reform candidates,” Ives said.