McHenry County Multiplier Increases Assessments 1.0243 for This Year’s Tax Bills, $1 Billion Assessment Loss Sends Tax Rates Soaring
Taxpayers may be making more of a fuss this year than previously.
Tax districts are getting less than 2% more this year, when the Property Tax Cap allowed them to get 3%.
So, some tax districts showed restraint in reaching into taxpayers’ pockets.
Those who took the time to compare the tax rates on last year’s tax bill (which can be found here on the County Treasurer’s web site until this year’s are posted) with those in my Sunday article will most likely find that their tax rates have increased for just about every tax district.
Yesterday I reported that the tax rates levied on our Lakewood home went up over 15%.
But that’s not all the bad news.
The Illinois Department of Revenue is going to increase assessments by 2.43% on all residential and business property in McHenry County.
Will that lead to wailing and gnashing of teeth?
Total assessed value against which the tax rates are multiplier is
- $7,886,571,742. That’s $7.9 billion.
- $8,817,375,055 last year. That’s a loss of $940 million.
Almost a billion dollars.
And, as I explained yesterday, because virtually every tax district in McHenry County is below its statutory maximum, school districts, municipalities, park districts, townships, you name it, have the legal right to increase their tax rates to the point where they get 3% more than was taken out of our pockets last year.
Surely, some will conclude that those on tax district boards believe filling the pockets of governmental entities is more important than maintaining the standards of living of their taxpayers.
There was more new growth in assessed valuation this year than last.
- $31.7 million in 2011
- $34.5 billion in 2012
But the new growth could not possibly pay for all the additional taxes demanded by our local governments.
- $797,394,337.99 will be billed this year.
- $783,689,437.41 was billed last year.
The extra taxers represent under a two percent increase.
That means a number of tax districts did not take the three percent allowed by law.
Maybe we should hold a celebration.
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Articles about other aspects of the 2013 property taxes in McHenry County:
- Most Tax Rates for McHenry County’s Upcoming Tax Bills – Up 15% in Algonquin Township Part of Lakewood
- McHenry County Multiplier Increases Assessments 1.0243 for This Year’s Tax Bills, $1 Billion Assessment Loss Sends Tax Rates Soaring
- Property Tax Rates – Comparing This Coming Year’s to Last Year’s
- McHenry County Tax District Honor Role
- The McHenry County Taxman Cometh – Tax Bills on the Internet