I noticed that my cook county property tax bill due in april is about 12 pct higher than the last one , the one pd in the 2nd half of 2010. Since real estate values have gone in the tank, why would I have a 12 pct increase?
I am curious hOw are other posters' county tx bills ? less than, the same, or higher than the last bill?
I don't get one, but I remember reading that the first one is 55% of the annual, so that might account for it. Don't know if they were doing that before. Call the Riverside assessor and ask them. 3rd floor in town hall.
2009 Cook County multiplier is 3.3701. That is a 13.1% increase over the 2008 multiplier of 2.9786.
A few links for your reading pleasure~
http://www.cookcountyclerk.com/tsd/DocumentLibrary/2009%20Cook%20County%20Tax%20Rates%20Report.pdf
http://www.revenue.state.il.us/publications/localgovernment/ptax1004.pdf
http://www.riverside.il.us/vertical/Sites/%7BFF0B0056-4ACF-4890-985A-29B8374E9BEE%7D/uploads/%7B4EF1E528-D0AD-4D28-8898-576754ED1ED4%7D.PDF
We have all seen our property tax bills increase significantly. This is not a function of the 45/55 split, this is an annual increase of minimally 10% for the homeowners I've spoken with.
You can see why as homeowners we are so opposed to the RB Tax referendum. I am completely opposed to the RB referendum, my property taxes are high enough. Even without the tax referendum, RB is receiving an increase in funds through the portion of the property tax increase we are being hit with.
Due to the property tax cap laws, the total amount any local taxing body receives can only go up as much as the annual "inflation rate" which is usually in the neighorhood of 3% (plus any growth from new development or annexations). Therefore, if the inflation rate is 3% and your bill went up 10%, someone else's bill went down 7%. If an area within a taxing district is losing value or staying level, other properties in the taxing district must make up for it. As an example, if downtown Riverside sees its asssessments stay level or not grow at the same rate as other properties in Riverside, you as a homeowner are going to pay more in property taxes. This was one of the main arguments that the pro-TIF group made in favor of doing a downtown Riverside TIF. Homeowners bottom line is impacted by a stagnated downtown due to the property tax structure.
TS - something we agree on. There comes a time when the limit is reached and I think it has arrived. I guess we are looking at the future here. I read where 25% of the mortgages nationwide are upside down, and more and more people are going to walk. That probably won't happen here, but people that are in that situation have my empathy. When I lived in Cal I could see this coming when the prices kept accelerating 20% a year. The other day whenit was snowing I gave a guy I saw walking a lift home and he said he had recently purchased a home here - within last couple of years - and he said the same thing. He was underwater but can't move or sell. It's a tough situation. We need to get back to manufacturing and create viable jobs... The gap is growing and the middle class - what I thought the middle class was - is really under a lot of pressure. I'm with you on the referendum.
I just saw Bernie Sander, VT-I, talking about how GE, Exxon, Chevron, Bank of America, etc., paid no Fed income tax in 2009 but made millions in profit. Loopholes, operating from overseas tax havens, etc. And the move to repeal the estate tax would give a one trillion dollar break to the top 3% over the next ten years. We need a revolution in the tax structure for sure.
I don't think the multiplier impacts your property tax bill. The multiplier is there to equalize Cook County housing values with the rest of the state. It determines how much in state and federal funds your school district gets when compared with housing values elsewhere in the state.
I believe tax bills are going up as the last RB tax Referendum will phase in over a five year period. I think we might only be in year 2. They spent the money before it was even collected.
I am not a tax expert, nor do I work in a financial capacity, but it sure looks to me that the EAV multiplier impacted our tax bills!
From http://www.cookcountyclerk.com/tsd/extensionsandrates/Pages/default.aspx
How tax rates are calculated:
* The Cook County Assessor's office establishes property valuations.
* Taxing districts file their levy requests with the Clerk's Tax Extension Unit.
* To produce the revenue requested, the Tax Extension Unit uses the levy to determine the tax amount to be "extended" against all properties located within the boundaries of the taxing district.
* The Clerk's Tax Extension Unit determines the rate needed per $100 of taxable value to generate the requested revenue, based on the value of all taxable property within the district boundaries.
When looking at a composite tax rate for a Riverside home, the "tax rate" only went up 2.6% from 2008 to 2009! And had gone down the year before?
From the previous link posted: http://www.cookcountyclerk.com/tsd/DocumentLibrary/2009%20Cook%20County%20Tax%20Rates%20Report.pdf and http://www.cookcountyclerk.com/tsd/DocumentLibrary/2007%20tax%20rates%20report.pdf
2009 2008 2007 2006
County 0.394 0.415 0.446 0.5
Forest Preserve 0.049 0.051 0.053 0.057
Consolidated Elections 0.021 --- 0.012 ---
Township 0.069 0.066 0.071 0.073
General Assistance 0.006 0.005 0.005 0.005
Mental Health District 0.067 0.062 0.066 0.067
Village of Riverside 1.184 1.208 1.324 1.354
Village of Riverside Library Fund 0.238 0.242 0.263 0.268
School District 96 3.303 3.109 3.368 2.844
RBHS District 208 2.179 2.149 2.206 2.297
Community College District #504 0.214 0.212 0.224 0.24
Riverside Lawn Fire Protection District 0.131 0.136 0.151 0.162
Metropolitan Water Reclamation District 0.261 0.252 0.263 0.284
Des Plaines Val Mosquito Abate District 0.011 0.012 0.012 0.012
8.127 7.919 8.464 8.163
Now take a look at the EAV Factor Overview; it looks much more similar to my property's tax increases :)
Side note: RB's tax rate/levy is lower than in 2006 and based on Bonnette's November presentation on Financials PTABs are also a serious part of the school's financial challenges; see slide 9.
<EDIT> Sorry about the data format the tabs didn't work the way it looked on the input screen :(
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