Realtor Terry Pounds offered the following commentary on a property tax relief bill that State Rep. David McSweeney has introduced Saturday:
House Bill 358 permanently freezes property tax rates in Illinois for all units of government beginning in tax year 2017.
I think this would be a step in the right direction however, there is still many steps to fix the financial death spiral Illinois is currently facing.
Myself I am terrified of my tax assessor.
I live in the McHenry township under the Mary Mahady regime and she actually told me that most people in McHenry County are UNDER assessed although we are the highest taxed county in the country just about.
At a point I thought that if I were to fight my property taxes and get them to about where the should be in accordance to the Illinois Statutes
(I am not saying the property taxes are at a reasonable range by any means! I am saying as what they should not be in accordance to Illinois Law.)
I have fought my taxes every year for the last 6 years and every time the assessor throws in extra compatibles that have very different features than mine including some of them being 70 to 80 year newer than mine.
Not only is it bad enough that our taxes are higher than they should be, they are not even fair about the amount they assess them.
My name is Terry Pounds and I am a local Realtor in the McHenry County Area and I am seeing many properties listed at low prices because the property taxes are $10k to $14k.
The homes range in conditions but the properties sit there stagnant as no one can qualify for a loan to buy the homes as the banks only lend on the actual value of the homes.
The the property tax payment per month many times exceeds the mortgage value by over 50 percent or more and this is completely insane.
I don’t know about you guys but I have lost my sense of home ownership and I currently pay over $1000.00 a month to live in my home and that is just the property taxes alone.
Furthermore, people are afraid to buy the home as they are actually afraid of the tax bill that comes with the property and the hell or fire that the local tax assessor may rain down on them once they buy the home.
There is no guarantee that tax assessor would lower the assessed value even is they bought it for a price less than the assessed value.
If you are currently thinking of fighting your property taxes please contact me and I would be happy to run a free market analysis on your homes.
I will give you a free consultation of what steps you could take to bring some relief to your tax bill.
Or if you just had enough and you are thinking of moving out of Illinois like tens of thousands of others Illinois residents are planning or doing, I can assist you with that as well.
Pounds also made the following conclusions about McHenry Township Assessor Mary Malady. (She is on the ballot unopposed in the April 4th election.)
Mary MaHady is doing a terrible job assessing property values in McHenry Township.
There are many residents leaving Illinois due to her regime’s poorly ran office and inflated assessed values.
Homes values are plumitting under her regime due to over assessed out of range taxes.
Assessments in McHenry Township in 2014 had a margin of error of 21.5%.
I have explained what that means in the article, but let me make on observation here.
The results for the 2015 year’s assessments (taxes collected in 2016) can be found in this article:
In McHenry Township half of the assessments are more than or less than 21.5% off where they should be.
The other half are between 7.2 percentage points lower than the mandated level of 33.3% of market value and 7.2 percentage points higher than one-third of market value.
Do the addition and the subtraction and you will see how unevenly homes are assessed in McHenry Township.
McHenry Township’s assessments are assessed slightly more uniformly, but still have a margin of error of over 20%.