15,122 McHenry County Tax Bills Over $10,000

Under the House GOP income tax proposal, amounts for real estate tax bills higher than $10,000 would not longer be deductible.

With the House Republicans in Washington seeming to agree that deductions of more than $10,000 for real estate taxes will be disallowed in the future, McHenry County Treasurer Glenda Miller figured out how many bills are higher than that.

It was 15,122 tax bills paid this year.

That just under 11 percent of the 137,918 bills mailed out.

Of course, not all of the high property tax bills are for homeowners.


15,122 McHenry County Tax Bills Over $10,000 — 16 Comments

  1. In Woodstock CUSD 200, it is critical to have individual properties which pay over $10,000.

    This is because the School District levies a tax of over $9,000 per student per year (last year, and rising sharply above normal inflation rates).

    Households which produce .60 students according to census figures, if living in homes valued below $200,000, are not paying fair share of costs (breakeven with school costs they create).

  2. That would result in some people thinking twice before buying a McMansion, driving down appreciation of lower priced McMansions.

  3. Look at all the states that don’t care about it because the property taxes are below $10,000.

    The crappy run Dem

    ocratic states are going to pay for it because we as taxpayers pay for out of control pensions!

    Until that get fixed nothing will change in Illinois or Democratic States!

    Fix your state you will not have to worry about paying over $10,000 for only a $300,000 home!

  4. I can’t believe it’s not more homes than that.

    Everyone I know is over 10.

    Horrible idea to end the deduction(s) for home owners.

  5. Can somebody tell me why Mary Mahady’s tax assessment is so low??

    Oh, I forgot, she’s the Township Assessor!

  6. Really surprised Cal allows doxing like this. Oh it’s a Democrat so it’s ok? And Ricardo remains anonymous (box checked).

  7. Sunshine blogger, you have an irresponsible prodigious researcher in charge of this dirty job at your service. Ready for the next free lunch?
    Tic, tock, tic, tock…

  8. By one analysis, this makes lower priced homes worth more than higher priced homes:

    1. Assessors in McHenry County do not check whether Homestead Exemption is being claimed on investor rental properties (I asked Bob Ross).

    2. Homes In Woodstock can be bought in foreclosure below $100,000 and rented out.
    At $100,000 assessment, minus $18000 homestead exemption (possibly rising to $30,000 soon), property tax rate is applied to $82,000 of total home value.

    3. Minimum home rentals in Woodstock run $1000/month for homes. That is $12,000 income.

    4. Property taxes: 4.2% of $82,000= $3444 $12,000-$3444= $8556 net rental income.
    (Formula leaving out expenses for repairs? Upkeep? I think it is absurd to imagine that repairs and upkeep expenditures would be wasted on properties heading for zero value due to a property tax rate above 4% of total home value. Ironically, in this case homes of zero value will be worth less than homes of more than $30,000 value.)

    5.$8556 net rental income is good return on $100,000 purchase out of foreclosure. If only 10 months rent are captured, there is still a 6.5% return.

    6. If $10,000 homestead exemption is passed and local Assessors still refuse to check for legal eligibility, homes assessed at $100,000 will only pay taxes on $70,000.
    This will shift property tax burden percentage liability significantly MORE onto higher value properties.

    We could have a case where a $100,000 rental home is worth more than a $200,000 owner-occupied home, as property tax rates rise steeply and $10,000+ prop. tax bills become the norm and the breakage is not deductible to federal taxes.

  9. typo:

    ” Ironically, in this case homes of zero value will be worth MORE than homes of more than $30,000 value.)

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