Racked up any expenses on your credit card lately? You’re not alone. Check out our list below to see which states have the highest average credit card debt per borrower. The Washington Post’s full interactive map is here.
Why are Illinoisans racking up so much credit card debt? If you were thinking it was because of the property taxes, that might not be the culprit; because while we certainly pay more than most Americans, we don’t pay the most in the nation.
Illinois’ property tax rate per capita is the highest in the Midwest region, just ahead of Wisconsin, Minnesota and Iowa, and almost $1,000 more per person than Missouri and Indiana.
Illinois provides the least amount of state funding to schools of any state, meaning schools depend more heavily on local taxes, much of which are collected in property taxes,according to a report by GateHouse Media Illinois, published by the Washington Times-Reporter. This explains why Illinois has a relatively high property tax rate per capita. More than half of the property taxes collected in Illinois ended up funding schools, the report said.
Gov. Pat Quinn outlined a plan for possible property tax breaks in his March budget address, though some say it is a repackaging of an old plan that wouldn’t actually bring lower property taxes. The plan calls for $500 flat tax credits for homeowners, even as property tax rates will continue to rise. It also isn’t adjusted for variations in property tax rates in each county. READ ON…
Check out these 5 related articles:
- Illinois counties with the highest residential property tax rates
- Scott Reeder does not have much faith in Gov. Pat Quinn’s property tax relief plan
- Which Illinois counties have the highest home prices?
- 10 things to know about the progressive income tax effort
- Want to tell your elected officials what you think of your property taxes? Use our Sound Off too.