Governor hopeful Biss paid 24x more property tax than income tax
Sen. Daniel Biss (D-Evanston), candidate for Illinois governor, paid $8,439 in property taxes in 2016, or 26 percent of his $32,568 adjusted gross income, according to tax returns he made public this week.
Biss, 39, paid $5,943 on his home at 3255 Central Street in Evanston and another $2,496 in property taxes on a Champaign rental property, located a few blocks from University of Illinois.
He owns both with his wife, Karin.
According to his tax returns, Biss has paid a total of $1,685-- or $337 per year-- in federal income taxes over the past five years. On both properties, he paid more than $41,000 in property taxes over the same period.
Biss has paid $53,670 in property taxes over the past ten years on his Evanston home.
According to his tax returns, Biss earned $69,341 in 2015, $57,002 in 2014, $54,218 in 2013 and $61,754 in 2012. His 2016 income was lower due to the state budget impasse.
In 2006, Biss paid $328,500 for his Evanston home, or $397,265 in 2017 dollars, according to Blockshopper.com.
He put down $78,000 and borrowed $250,000 from Key Mortgage Services, Inc., 1350 E. Touhy Street, Des Plaines, according to the Cook County Recorder of Deeds.
Two years later, in 2008, Biss refinanced, taking out a $245,700 mortgage with Capital Funding Mortgage Corp. of Chicago. He’d refinance again in 2012, taking out a $236,000 mortgage with Ally Bank.
The Cook County Assessor says the home is currently worth $337,080, a decline of 15 percent from his purchase price. Zillow.com says it is worth $291,977, a decline of 27 percent.
Biss is running for governor on a platform of raising state income taxes, supporting proposals to raise rates as high as 12.75 percent. He personally would see an income tax cut under those proposals.
Organizations in this Story
3706 West Dempster Street
Skokie, IL 60076
PO Box 7026
Evanston, IL 60204-7026