McHenry County Multiplier Increases Assessments 1.0243 for This Year’s Tax Bills, $1 Billion Assessment Loss Sends Tax Rates Soaring

A taxpayer as seen by the Tax Foundation.

A taxpayer as seen by the Tax Foundation.

Taxpayers may be making more of a fuss this year than previously.

Maybe not.

Tax districts are getting less than 2% more this year, when the Property Tax Cap allowed them to get 3%.

So, some tax districts showed restraint in reaching into taxpayers’ pockets.

Those who took the time to compare the tax rates on last year’s tax bill (which can be found here on the County Treasurer’s web site until this year’s are posted) with those in my Sunday article will most likely find that their tax rates have increased for just about every tax district.

Yesterday I reported that the tax rates levied on our Lakewood home went up over 15%.

But that’s not all the bad news.

The Illinois Department of Revenue is going to increase assessments by 2.43% on all residential and business property in McHenry County.

Will that lead to wailing and gnashing of teeth?

Total assessed value against which the tax rates are multiplier is

  • $7,886,571,742.  That’s $7.9 billion.
  • $8,817,375,055 last year.  That’s a loss of $940 million.

Almost a billion dollars.

And, as I explained yesterday, because virtually every tax district in McHenry County is below its statutory maximum, school districts, municipalities, park districts, townships, you name it, have the legal right to increase their tax rates to the point where they get 3% more than was taken out of our pockets last year.

Surely, some will conclude that those on tax district boards believe filling the pockets of governmental entities is more important than maintaining the standards of living of their taxpayers.

There will be fireworks when the real estate tax bills come out, but it probably won't be for celebration purposes.

There will be fireworks when the real estate tax bills come out, but it probably won’t be for celebration purposes.

There was more new growth in assessed valuation this year than last.

  • $31.7 million in 2011
  • $34.5 billion in 2012

But the new growth could not possibly pay for all the additional taxes demanded by our local governments.

  • $797,394,337.99 will be billed this year.
  • $783,689,437.41 was billed last year.

The extra taxers represent under a two percent increase.

That means a number of tax districts did not take the three percent allowed by law.

Maybe we should hold a celebration.

Maybe not.

= = = = =

Articles about other aspects of the 2013 property taxes in McHenry County:


Comments

McHenry County Multiplier Increases Assessments 1.0243 for This Year’s Tax Bills, $1 Billion Assessment Loss Sends Tax Rates Soaring — 5 Comments

  1. The elephant in the tax room is underfunded pensions.

    The tax bill should be WAY higher if pensions were adequately funded.

    By modifying the Illinois State Constitution in 1970 and passing underfunded pension hiking legislation from 1971 – 2011, state lawmakers and Governors have created a massive underfunded pension problem.
    And the manipulative teacher unions just blame the state for not making it’s proper contribution.

    See the flawed logic.

    Make the payment bigger.

    Then blame someone for not making the bigger payment.

    Do that for 38 of 40 years from 1971 – 2011.

    Systematically.

    Deliberately.

    If the pensions had been properly funded, outraged taxpayers would have been screaming bloody murder decades ago.

  2. The Illinois shell game with taxation.

    Assessments go down (a full four years after they should have), raise the rates.

    I’d rather rake my money onto the front lawn and burn it, than give it to this Illinois Kleptocracy.

  3. And what was the voter turnout in YOUR community in the April 9th election?

  4. I live in Huntley and I may be able to sell my house for 190k but my property taxes went up again to almost 8000!!

    Im done I am not paying it I will let my house go back to the bank!!!

    My subdivision already has 40 homes that are being forclosed mine will be 41!!!!

  5. Who is approving all these tax hikes?????

    I am so sick of this.

    We don’t even get our streets plowed (townhouse), we get nothing from the City!

    I can’t believe the incompetence of our elected officials and how they spend money BECAUSE IT ISN’T THEIRS….

    I am tired of paying through the nose to live in this town.

    HOW DO WE STOP THIS!

    I am willing to do what it takes to stop these people.

    Don’t say vote, because I do….but it doesn’t seem to matter.

    I am in Village of Lakewood…pay to the Crystal Lake Park District and we do not have one park in the Village.

    When they built the 3 Oaks water park, they said Village is NOT part of that…that they didn’t use Park District funds, so I get charged for parking and huge fees to use “their” lake with B.S. rules on top of it.

    This town is full of itself.

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