County’s Assessed Valuation Finally Tops That of the Beginning of the Great Recession, School Tax Bills Up 40%

Former Cary Grade School Board President Scott Coffey offers the following observations on upcoming tax bills:

Scott Coffey

I spent some time reviewing the 2023 Tax Computation Report on the County Clerk’s site and have a few observations.

1.  For the first time in 15 years, the Total Equalized Assessed Value for the County has now surpassed 2008 levels.  Countywide EAV was $10.5 billion in 2008 and has now finally moved past that to $11.2 million.

2.  Unfortunately, Operating Levy’s were not restricted by struggles in property values and continued to rise substantially over that same period.  The Operating Levy for most school district’s rose over 40% during that time period.  Crystal Lake District 47, which has the largest Operating Levy of any governmental unit in the County, rose to $86.5 million from $59.9 million or a 44.4% increase.

3.  The percentage of residences occupied by seniors (65+) continues to rise.  In 2010, there were 15,931 Senior Exemptions or 12.5% of all homes.  In 2023, there are now 25,243 or 20.0% of all homes in the county occupied by seniors.

4.  Cary implemented a new TIF district for 2023 and it is interesting to note that the TIF district collected over $300,000 of incremental new taxes paid for almost entirely by Cary taxpayers that they would not have paid if the new TIF district had not been approved.

I would be interested to hear the observations of officials on the impact of their decisions over the last 15 years that have put the County into a position where we’ve seen huge increases to property taxes while property values remained stagnant.

Where seniors are stuck in their non-appreciating homes with nowhere to go because they can’t afford to buy anything else due to the loss of 15 years of equity growth and property taxes are 40% higher.

Where new buyers can’t move into the County because the taxes are too high and the housing stock is not available.

Where retailers struggle because the operating cost structure is too high and the aging consumer demographic reduces their potential customer base.


Comments

County’s Assessed Valuation Finally Tops That of the Beginning of the Great Recession, School Tax Bills Up 40% — 11 Comments

  1. Spot on.

    Perhaps ask County Board members who had no issue raising the gas tax, in addition to the recent referendum that merely shifted the burden to all taxpayers.

    The ol’ shell game.

    Is it no wonder the majority of teachers, government acolytes, and those on entitlements celebrate these observations in the name of “progressiveness.”

    I would ask, what is it that we, Illinois, McHenry County, have that warrants such barbarism?

    Pleassssse, do not mention the schools.

    The same schools that advance these extreme measures, indoctrination, LGBT crowd, equity, and “inclusivity.”

    Those very same schools as Coffey cited are responsible for the exorbitant taxes.

    So, what is it?

    The County hiking trails?

    The culture?

    The neighborhood parks? Really!?!

    Inserted response here: “It’s Springfield fault don’t cha know. Our hands are tied and as typical it’s the result of the General Assembly.”

    Pathetic.

  2. well FJB and regime coming to chi town tomorrow may be he would like to hear about this in between the illegals and towlies protesting… he thinks he is all that and word salad time to hear the woke truth… as he sleep walks thru the toilet bowl he and his lickers have created.. ask him about the higher than near anyone else in the usa gas prices too, food taxes, the list goes on and on…for the worst regime Ever in history… he has created… no fixing stupid…

  3. IMO take a close look at the number of illegal alien’s children in your local school district as the main cause of costs rising.

    In economics there’s no such thing as a ‘free lunch’ as someone has to pay for it.

    That someone is the property owners where the illegal is eating the free breakfast and lunch.

  4. $1 in January 2008 has the same buying power as $1.48 today.

    Home values aren’t back to 2008 levels.

    They’re still down 32% in real terms.

  5. This is incorrect: “property values remained stagnant”

    I bought a townhouse for $150k in July 2020, it sold for $205k in January of this year.

    Although there was an increase in value, that didn’t keep up with the increase in taxation.

  6. Ken E Lee……ding-ding-ding-ding……right on but they would have you believe you are Xenophobic because you don’t like paying for their experiment and or future vote harvesting. The Blacks are pissed because they are “losing the scraps to the Browns.” Straight from the mouth of the CTA retired teacher.

  7. Until any Politician has the guts to address the real problem “INSANE PENSIONS” and move to 401k’s nothing is going to change.

    Even the air force has!

  8. So, the Nazis should have won??
    You are full of sh*t!!!

    Sic Semper Tyrannis!

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