The Vulcan Lake TIF District will suck millions out of the property tax bills of homeowners and businessmen throughout McHenry County over the next twenty or so years. Until other tax districts reach their statutory maximum every tax district that includes part of the Three Oaks Recreation Area will be able to raise their tax rates to make up for the revenue lost in the Route 14 TIF District.
Included on the Tax Rate Calculation page of the McHenry County Clerk’s Office are totals for taxes levied on property within TIF Districts.
Tax Increment Financing Districts are mechanisms that allow municipalities to pry money out everyone in McHenry County who have property outside of the district in question.
This past year the following was taxed so that city councils and village boards could have what amount to unaccountable petty cash funds to distribute to those with property within the TIF districts.
Here’s who taxed the rest of us for how much:
- Cary – $115,681.46
- Cary 2 – $17,531.96
- Crystal Lake Virginia St. – $84,186.88
- Crystal Lake Main St. – $48,186.88
- Crystal Lake Vulcan Lakes – $25,112.22
- Fox River Grove – $501,280.62
- Harvard 2004 – $217,092,10
- Harvard 2005 – $203,854.06
- Harvard – $104,076.14
- Marengo Northside – -0-
- McHenry – $501,261.32
- Woodstock – $648,210.88