McHenry County College’s Chief Financial Officer Bob Tenuta presented some spreadsheets showing what would happen if the Trustees decided not to ask for the additional $224,000 in property taxes that the Tax Cap law allows.
That’s the amount that a 1.7% increase in real estate taxes would take out of our pockets.
How big is MCC’s budget?
I would respectfully suggest that a group of citizens could come up with that much if relevant administrators would answer questions about suggested cuts.
Most of the numbers included the totally unrealistic assumption that the college could collect an additional 4.99% 9 just under the 5% increase level that would require a big black-bordered box in the local newspaper, plus a public hearing) in property taxes next year, if the Board would only ask for it.
Let me show you why this assumption is not a possibility.
If you subtract 1.7 percentage points from 4.99 percentage points, you get 3.29 percentage points.
For MCC to college a property tax increase of 4.99%, new construction would have to be 3.29%.
That level of growth has not happened in over half a decade.
Anyone think that is likely after looking at the following percentage increases in new growth for the last ten years that Algonquin Township Assessor Bob Kunz pulled off the County Clerk’s web site?
I’ll tell you that Roger Adkins, my immediate supervisor at the United States Bureau of the Budget would have never allowed me to get away with using such an assumption.
I asked why he was using an estimate of 4.99% increase in potential real estate tax revenues.
When I asked that and another question, Tenuta told me he had put in a fourteen-hour day and referred me to college Public Information Officer Christina Haggerty. He said she would refer the question to him and he would answer it.
So, before I go to bed I shall.