Wednesday, November 30, 2005
Home Value Up 7% in Algonquin Township, McHenry County Supervisor of Assessments Says
When tax districts lose assessed valuation from TIFs, they will just raise their tax rates to make up the difference from the rest of us. Putting Route 14 businesses in a TIF from the train McDonald's to Burger King will result in our tax bills going up more that the CPI to make up the difference. The increase in taxes from the 7% multiplier will be go to the city. Maybe it will be spent to put up new old-looking ornamental street lights.
The same TIF tax shift/hike will occur if the Vulcan Lakes/Route 14 TIF is approved by the Crystal Lake City Council on December 6th. Conlin-Collins Ford was reported to have sold from over $7 million, but, instead of being assessed at $2.1 million (about 1/3 of market value), it is only assessed about $700,000. The total tax rate multiplied by the extra $2 million or so that will eventually show up on the tax rolls will be spent by city government as it sees fit.
The old Hines Lumber property at the southeast intersection of East Crystal Lake Avenue and Main Street just sold for over $3 million, establishing a new fair market value for the property. It is now assessed at $515,000 and will undoubtedly be increased substantially in light of this summer's auction sale price. Again, the new taxes generated will not go to schools and parks, but will be spent by city government.
To return to McHenry County Blog, click here.
The same TIF tax shift/hike will occur if the Vulcan Lakes/Route 14 TIF is approved by the Crystal Lake City Council on December 6th. Conlin-Collins Ford was reported to have sold from over $7 million, but, instead of being assessed at $2.1 million (about 1/3 of market value), it is only assessed about $700,000. The total tax rate multiplied by the extra $2 million or so that will eventually show up on the tax rolls will be spent by city government as it sees fit.
The old Hines Lumber property at the southeast intersection of East Crystal Lake Avenue and Main Street just sold for over $3 million, establishing a new fair market value for the property. It is now assessed at $515,000 and will undoubtedly be increased substantially in light of this summer's auction sale price. Again, the new taxes generated will not go to schools and parks, but will be spent by city government.
To return to McHenry County Blog, click here.
# posted by Cal Skinner : 7:53 AM
