Lakewood Mayor Succumbs to High Property Taxes, Moves….
Posted: Wed Aug 01, 2018 6:46 pm
It appears that the Mayor of Lakewood, Illinois, has finally decided enough is enough, at least with respect to Illinois’ highest-in-the-nation 2.67% property tax. He’s picking up and moving to Decatur, Alabama.
Leaving Illinois: How Simple Math Chased Away a Village Mayor and His Family (click here)
What are his Alabama property taxes going to cost him? Just $2,200 a year. That’s a lot lower than the $15,400 he’s paying on the home in Lakewood. If Serwatka saves that $13,000 difference every year and invests it at 6 percent annually for the next 20 years, he’ll have accumulated savings of more than $600,000 dollars.”
Simple math indeed. I wonder what might have happened if his tax rate was even higher than 2.67%. Like say 3.2% or so. At 3.2%, the property taxes you would pay, forevermore, are worth more than the home you pay them on. Obviously that's outrageous and nobody would pay that, would they?
Leaving Illinois: How Simple Math Chased Away a Village Mayor and His Family (click here)
What are his Alabama property taxes going to cost him? Just $2,200 a year. That’s a lot lower than the $15,400 he’s paying on the home in Lakewood. If Serwatka saves that $13,000 difference every year and invests it at 6 percent annually for the next 20 years, he’ll have accumulated savings of more than $600,000 dollars.”
Simple math indeed. I wonder what might have happened if his tax rate was even higher than 2.67%. Like say 3.2% or so. At 3.2%, the property taxes you would pay, forevermore, are worth more than the home you pay them on. Obviously that's outrageous and nobody would pay that, would they?