As McHenry County Treasurer Glena Miller mails out tax bills (based on last year’s requests) today, curious property owners can find what their bills will be here.
Miller has announced that the first installment will be due June 5th and the second on September 5th.
A person knowledgeable on property taxes calcultes that virtually everyone will experience a tax increase.
You can find out how much more or less tax districts will receive this year over last year here.
More home for sale signs will soon be popping up as the next wave
of over taxed home owners flee Illinois – thank the first DEMOCRAT you see.
Get out before the collapse!
The very nature of “getting out” implies that when that person or family sells, and we have to assume they do sell in order to “get out” someone is “getting in” and preparing to live and pay the Illinois taxes.
I guess I don’t see how that impacts elected officials to change anything.
The concern is if home values appreciate at a slower rate compared to other areas.
Or if the home value depreciates.
That results in an increased effective property tax rate (property taxes / market value of home).
That could result in elected officials voted out of office or pressured by angry property taxpayers.
Or in the Jack Franks Cut 10 campaign.
I am shocked by the surprising 18% tax increase I just received in the mail.
I feel blindsided.
This must be some sort of an error.
The residents of the city of McHenry are being robbed.
Did Mchenry improve the community or give the people something great this year?
If so, I guess I missed it.
I know my home value did not increase by 18% and I did not receive an 18% raise at work, so not sure where these extra funds will come from.
http://estateofmindsites.com/map.php?user_id=1 Housing appreciation rate by State. Illinois is appreciating at a slower rate but most likely on a higher base than some other very blue state.
Actually last five year tab tells a completely different story – now I see the net “getting out” effect.
An excellent research paper indicating that property tax RATE is fully capitalized into home values:
SMALL HOMES, PUBLIC SCHOOLS, AND PROPERTY TAX CAPITALIZATION
by
Ryan M. Gallagher, Haydar Kurban, and Joseph J. Persky
In Woodstock IL, school district Woodstock CUSD 200 spent and hired MORE during the years of the economic depression of 2008-2011, and so the property value devastation here is markedly apparent in contrast to communities which behaved with more fiscal restraint in consideration of their taxed citizens.
Property tax rates of 4.2% in Woodstock compared to a national average around 1.4% drag Woodstock home values down 2.8% annually relative to home prices across America.
This tax rate is on top of the amount of debt on D200 books (in excess of State statutory debt ratio maximum limit).
There does not appear to be any impediment to normal residential property values in Woodstock other than the off-the-charts high property tax rate (and related debt ratio collateralized by this district’s taxable property).
Here is the link to the research paper referenced in the previous comment:
http://www2.census.gov/ces/wp/2013/CES-WP-13-04.pdf
Thanks Susan and Mark!
If I had a nickel for every time someone clicked on the button titled “Reducing your tax bill-learn more” I could pay my tax bill!
Lexfire doesn’t seem to understand the getting out and getting in. Do you understand that the only buyers in the market these days are people that are paying NO TAXES? They are government loans and the government “pays” the taxes. That’s going to work out very well in the end especially since the government is bankrupt. The more well off have already left this state.