In my past few blogs, I have written about in detail, Governor Quinn and Speaker Madigan’s proposals to eliminate state reimbursement for state transportation mandates for local school districts and abandonment of state obligation to the Teacher’s Retirement System (TRS). In this blog, I will describe the real world fallout on homeowners and our communities if these bills pass.
The first fallout is local property taxes will rise fairly immediately, like this fall, and rapidly as districts are forced to not abate tax dollars to homeowners, to capture revenues wherever they can so they can cover these additional costs being unilaterally imposed on them by the state.
In addition, staff cuts, spending cuts, and program cuts will occur as districts attempt to minimize the burden on homeowners. Extra circular activities will become fee-based or eliminated entirely. Enrichment programs will have to raise their fees to continue. Districts will also have to raise their general fees to cover a greater share of the costs. The quality of our local education will suffer greatly.
Homeowners will not only see large increases, but the value of their homes decrease even more. Homeowners will find it very difficult to either sell or refinance their homes due to falling property values, decreasing quality of education, and soaring property taxes.
The commercial side will see these factors on an even larger scale. This will force local business owners to cut costs, lower payrolls, and cut jobs. Less economic activity means less revenue not only for the business but local government, further declining everyone’s property value. The vicious cycle continues.
As jobs disappear, wages from those who still do have jobs decline, property values sink, taxes explode, businesses will close, homes will fall further underwater, and the number of foreclosures will rise. Our communities will begin slide.
You must call or email our legislators and candidates for the General Assembly. If they pass these bills the damage will be irreparable.