"In Illinois, homeowners are grappling with the highest property tax burden in the nation, leading to a crisis that threatens community stability and fiscal health."
"As homeowners struggle to keep up with escalating taxes, the consequences of falling behind are severe, including the risk of losing their homes and equity."
"The state's unique laws allow private investors to seize homes over relatively small tax debts, leading to devastating outcomes for many families."
"Collection rates crisis: Cook County has experienced a collapse in property tax collection rates, with nearly $1 billion in uncollected taxes in 2023 alone, indicating danger for homeowners."
Homeowners in Illinois face the highest property tax burden in the United States, creating widespread financial strain. Many homeowners struggle to keep up with rapidly escalating taxes, and falling behind exposes them to the risk of losing their homes and accumulated equity. State law permits private investors to acquire properties over relatively small unpaid tax debts, which can result in families losing homes through tax lien mechanisms. Cook County experienced a collapse in property tax collection rates, with nearly $1 billion uncollected in 2023, and lower-income areas face disproportionately higher effective tax rates and impacts.
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