Local and State Tax Deduction Limit of $10,000 Estimated to Have Lowered McHenry County Home Values by 8.4%

That’s what a study from Moody Analytics found.

The reasoning is that higher carrying costs of homeowners is factored in when buyers look for homes.

Gate 7 Lakewood home on Serice League’s House Walk.

Values of McHenry County homes are estimated to have decreased by 8.4% by the so-called SALT (State and Local Tax) provision, championed by former Congressman Peter Roskam.

But McHenry County residents were not the worst hit, as one can see from home data below:

Impact of SALT Deduction Cap on Home Values in Rank Order by County

5. Lake County – minus 9.9%

19. Kendall County – minus 8.7%

20. McHenry County – minus 8.4%

25. Will County – minus 7.5%

26. DuPage County – minius 7.4%



Comments

Local and State Tax Deduction Limit of $10,000 Estimated to Have Lowered McHenry County Home Values by 8.4% — 15 Comments

  1. Yup.

    Blouse states won’t have the federal govt. print more fiat money for their wasteful socialism.

  2. Huh? Let’s be clear, to those of us that have suffered the indignity, of a Illinois Public School Education.

    This broad number drivel isn’t saying that home prices have fallen. That hasn’t happened.

    It’s saying that on average, home prices are lower than they’d otherwise be.

  3. Cal beat me to the punch with that incomplete analysis from ProPublica which used the Moody Analytics data that I exchanged several tweets on Saturday, given Underwood is using the ProPublica study to attempt to sell her H.R. 1757 legislation in a new autumn push to raise the SALT deduction caps of the Tax Cuts and Jobs Act of 2017.

    Funny, but my reassessment was significantly HIGHER for our home and researching the comps in the area, I found an appeal to be a futile exercise, since homes like ours near me are selling significantly higher.

    Last week, Jeanne Ives came out for raising the SALT deduction caps, too, but was vague.

    May the 14th district candidates write their position papers, because this is how Underwood’s reelection will try to sell her as the better member of Congress.

  4. Then why is McHenry township increasing every property by a “State Equalization Factor” of 4.75%?

    Another government rip off?

  5. The headline is non=sense, fake news….property values have been increasing over the past 2 years.

    Pay attention or ask any realtor.

  6. Jim:

    Mary Mahady, McHenry Township Assessor and democrat and open-borders maven, said she did it because everyone was getting assessed too low and she had to do it to obey the state.

    Just more BS!

  7. Fred is a democrat liar.

    My home is still worth less tan what I paid for it in 2005.

    Way less.

  8. Equalization factors reflect the percentage that the median assessment was variant from median sales prices.

    The annual study is called sales ratio analysis,and is public record.

    Equalization factors seem to inordinately punish fairly-valued properties in order to reward underassessed properties.

    However in theory they are applied to uniformly address typical general economic conditions of recent property value movement.

    Home values in McHenry County Woodstock are falling 2%-3% annually, as a function of property tax rate capitalization.

    Property tax rate capotalization means that because everwhere in America offering similar (average quality) social service provision does so for around 1% of home value, the additional cost of carry for a home in Woodstock (additional 3% of total home value) is built i to the home as negative capital value.
    So, for example, if home prices in America rose 6% last year, homes in Woodstock would rise 3%.

    This might seem insignificant but after 10 or 20 years Woodstock residents find that the values of homes here are so low relative to homes everywhere else in America which have appreciated normally, they are trapped.

    One can see the effect of a 10 year abberant property tax rate by comparing our regional home price values if 2009 and 2019 with areas across America, and in Illinois (such as Chicago which keeps its property tax rate low at just above 2%.

  9. The real damage to house property values are exorbitant school district taxes on the tax bill. Approximately 70 percent of taxes are for school districts. Too many districts, too many administrative positions, redundant positions, crazy high salaries, benefits including sky high pensions. This State needs to totally overhaul its education system. But, it will not happen as long as Democrats are in control and cater to teacher unions and union bosses. Smart young people, not Democrats, understand this and are leaving the State.

  10. Bred, don’t forget the useless townships and fat at library dists.

  11. Tax breaks for the wealthy and corporations:

    CANT WAIT UNTIL IT TRICKLES DOWN ON US!

    Why are we regressing to Newt’s 90’s plan?

    TRICKLE DOWN DOESNT WORK BECAUSE OF GREED. Its really that simple.

    TRUMP SCREWED US with this.

Leave a Reply

Your email address will not be published. Required fields are marked *