Potential homebuyers will continue to look at other communities with lower property taxes and the Normal economy will continue to suffer, said Illinois REALTORS® Treasurer Ed Neaves after the Normal Town Council voted to raise property taxes earlier this week.
In the article, “Local realtors warn high property taxes are turning away homebuyers,” Neaves spoke about the reliance of local governments on property taxes and urged them to find alternative sources to pay for rising costs of police and firefighter pensions. He was one of 11 people to address the council at a public hearing Monday night.
Neaves is the managing broker for Berkshire Hathaway HomeServices Snyder Real Estate in Bloomington and the Immediate Past President for the Bloomington-Normal Association of REALTORS®.
National tax concerns
REALTORS® at the local, state and national levels have a history of protecting and promoting private property rights through advocacy, while educating and serving members and the public. As members of Congress consider tax reform proposals by the House and the Senate, the National Association of REALTORS® has issued a second Call for Action for REALTORS® across the country. REALTORS® want U.S. Senate and House negotiators to understand that some aspects of the tax reform proposals will hurt many property owners. (In the first Call for Action, more than 35 percent of Illinois REALTORS® responded.)
To participate in the Call for Action and tell federal legislators to protect state and local tax deductions as well as the Mortgage Interest Deduction, go here.