Part 6/9:
Chicago’s tax policies are part of a larger problem of high taxes and relentless regulatory measures that discourage business development. The city already ranks among the highest in property taxes, which have increased significantly over recent years. Residences and commercial properties are taxed based on assessed values, with many property owners facing steep bills that strain their finances.
Similarly, Illinois as a whole has become renowned for its oppressive property tax burden, further driving residents and businesses out of the state. Companies like Amazon, TikTok’s parent company ByteDance, and others are moving jobs and operations to neighboring, more business-friendly cities such as Bellevue, which offers moderate Democrats an environment more inviting to corporate growth.