Wintrust Business Minute: Illinois has 4 of 5 urban areas with highest property taxes

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

A new study says four of the top five urban areas with the highest property taxes are right here in Illinois. Attom, a property information service, analyzed property tax rates for 217 metro areas. The highest were Rockford, Chicago, Peoria and Champaign-Urbana. Springfield ranked sixth. The analysis, reported by Crain’s, says half of the 10 highest taxing metro areas in the nation are in Illinois. In Rockford, homeowners paid a little more than 2% of their home’s market value in taxes. That rate was 1.9% in Chicago, 1.89% in Peoria and 1.88% in Champaign-Urbana. In the top-taxing Illinois metros, Attom says homeowners pay an effective property tax rate that’s more than double the national average. 

Also, The Chicago-based American Bar Association has announced the layoffs of 300 workers. Listen for more below: