Are Crazy High Property Taxes Are Driving People From Illinois?

Real estate taxes in Illinois are known to be among the highest in the United States. These high taxes have become a significant factor for people who are considering moving out of the state.

According to a recent study by WalletHub, Illinois is right up there with the highest real estate taxes in the whole United States.

One of the main reasons for these sky-high taxes is that the state relies heavily on property taxes to fund its schools. Unlike other states that use a variety of taxes to fund education, Illinois relies mostly on property taxes. So, if you're a homeowner in Illinois, you're probably paying more in taxes than you would be in other states.

And it's not just homeowners who are feeling the pinch - businesses are getting hit hard too. With high taxes cutting into their profits, many businesses are packing up and moving to states with more tax-friendly policies.

This means fewer jobs and less economic activity in Illinois, which is definitely not good news.

SEE MORE: Illinois Called Out For Being the Most Boring State In The Universe

To make matters worse, these high taxes are making it difficult for people to buy homes, especially first-time buyers. The cost of property taxes combined with the high cost of housing means that many people can't afford to buy a home.

This is making it harder for young families and low-income residents to live in Illinois, and it's causing a lot of skilled professionals to leave the state.

States With Highest Property Taxes

1. New Jersey
2. Illinois
3. Connecticut
4. New Hampshire
5. Vermont

You can find the full breakdown, including the complete list, here.