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Chicago Considering a 30% Property Tax Increase to Pay Govt. Pensions

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Couldn’t help myself – I must share this personal story with your team and the blog readers.

After reading Martin for just about a year, I began educating my family to what lies ahead.  With that our oldest daughter had been living in Chicago until 2 weekends ago.  She decided some time back to search for a new employer and I had suggested she first sell her condo during the prime selling season and before 2015.75 hit.

Within a few days she received a cash offer and closed on her place June 30.  On her way home today she sent me this video link of Ron Emanuel considering a 30% property tax hike to help pay the huge pension deficit which, by the way Martin highlighted a few weeks back.

Thanks for all you do and are doing.  I am living proof your guidance is making a difference.  You can view the link here about the tax hikes;



REPLY: This is why it appears that real estate will peak with this turn on 2015.75. Some areas will be hit very hard; Illinois will be a disaster for their Constitution states that government pensions cannot be reduced. This means they will raise taxes dramatically, destroy their economy, until eventually entering bankruptcy. The next four years will be devastating with tax increases in many areas.