Lakewood Mayor Dodges High Property Taxes, Moves….
Posted: Fri Jan 25, 2019 7:44 am
The Mayor of Lakewood, Illinois finally decided enough is enough, at least with respect to Illinois’ highest-in-the-nation 2.67% property tax. He’s picked up and moved 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 pay are worth more than the home you pay them on. Obviously nobody would do that, would they?
Simple math indeed. Arithmetic actually. BTW your bill is due today....
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 pay are worth more than the home you pay them on. Obviously nobody would do that, would they?
Simple math indeed. Arithmetic actually. BTW your bill is due today....