Minor shift in the paying of property taxes, this year. Your first installment will be 55% of your annual bill:via "New Property Tax Law Hits Cook County" Sun-Times
"Under a new state law, you'll be forced to pay slightly more of your property tax bill up front so county agencies, municipalities, school districts and other local governments can improve their bottom lines."
The only bit about this which is actually news-worthy is the fact that the County has raised the white flag and needs tax payers to front them a little somethin'somethin' to help keep money going to silly projects like schools, and various social service agencies.
So, the next time you hear a mayor, alderman, state rep/senator or county commissioner denying that TIFs effects on the operating budget of government, or when they say that skimming 69-71% of your tax bill from the city's, or county's, general revenue fund to keep tax revenues within a certain district isn't really a problem, ask them why the state legislature had to get involved and pass a new law to shift the tax payer burden up 6 months ...during a recession with 10%+ unemployment, to fill a hole that wouldn't be there without the TIF-drain.
How did our local rep/senator move on this issue?
Greg Harris
Heather Steans
And this is why I'm getting the heck out of Cook County. The place is going bankrupt. Get out while you still can.
ReplyDelete55% of LAST year's tax bill.
ReplyDeleteLakeview township was reassessed last year, the real whopper won't arrive until November.
Don't forget! Harris voted to extend the existing FITs and Steans voted "Present"
ReplyDeleteI don't understand why this is a big deal. You are still going to pay the same amount you're owed. And isn't the 2nd tax bill usually higher anyways to account for the property value reassessments? If anything this will only help even out the payments.
ReplyDelete@ buenapk...they all go into office with the best of intentions..but all vote in lock-step once they're in. Show me a politician who doesn't follow the pattern!
ReplyDeleteKenny,
ReplyDeletegenerally speaking folks in da 46th Ward are gonna get a property tax wallop come November.
Lincoln Park, Lakeview, Uptown, Edgewater, Bucktown/Wicker all did relatively well compared to most other city hoods in the real estate downturn.
Which means for most folks taxes will be going significantly up around here. In many city neighborhoods the assessments actually went down. Combine that with rising assessments here and VOILA.........TAXAGEDDEON!
Just in time for the election too!
It's a perfect storm. Where is George Clooney and that other guy when we need them. Perhaps Conan O'Brien can play the role of the other guy.
Jocelyn
ReplyDeleteI think the point it that the politicians don't ever fix shortfalls by cutting programs or being more fiscally responsible instead they find ways to steal from Peter to pay Paul.
Perfect example is Daley filling his hole in his budget by using the money from selling the parking after he said that was going to be a rainy day fund.
Jocelyn - the issue is that this change is just another example of how the local governments (city and county) are failing in their responsibilities to properly manage public funds.
ReplyDeleteThe county needs to make this change to help pay the bills while Daley has $1,000,000,000(ish) of property tax revenue sitting unspent in TIF accounts throughout the city.
While the amount property owners will pay an the end may be the same, we are in a recession and that 5% extra might adversely affect some people right now - not 6 months from now.
The city/county/state tell us that the bad economy is strangling their budgets (which is a fail on their part for not properly planning), but they seem to forget that the people who they want to get more money from are hurting, too.
Despite what some politicians would have people believe, property owners do not have endless sources of income which can be tapped at will, and some are on very tight budgets.
An extra 5% to cover an inept gov't may prove detrimental to some.
Not to mention what effect this change may have on those who have escrow accounts to pay their taxes.
The more these ham-handed politicians tap into the pockets of property owners, the higher the likelihood that property owners will leave - and less likely for renters to have incentive to buy (notice the condo glut the last couple of years, by chance?).
And when enough property owners flee an irregular tax system and new owners don't take their place, how are the gov'ts going to survive?
They sure won't be able to reap the property tax benefits of TIF-funded subsidized housing, will they?
If you only look at the immediate issue, I'll grant you, it doesn't look like a bad thing, really.
But, a comprehensive consideration as to why this is happening is where the meat of the issue really is.
At that point, the situation goes from "not bad" to "dangerously irresponsible".
I agree. Politicians are all cut from the same fabric but IL takes the cake. EX. State Rep Davis who owes $500K in back rent to the Chicago Board of Ed. for her office. She then had a $25k statue she liked removed fron Chicago State U campus and moved to her office. She refuses to return it and one one is taking her to task for STEALING it. Love IL/Chicago/Cook county
ReplyDeleteWay off topic buenapark, but I thought CSU and CPD are trying to get that statue back?
ReplyDeleteI don't see what the problem is. You're still paying your tax bill in full. This just helps balance the payments instead of surprising you with a big 2nd payment. This really has nothing to do with TIFs or anything else. Let's not use this as a jumping board for things that aren't related.
ReplyDeletehighfi-chris - as yo mentioned - it is a big deal when you have your taxes escrowed and there isn't enough in there yet. This in turn forces the mortgage companies to up your monthly payment.
ReplyDeleteWith taxes going up, I believe a lot of people are going to start questioning (if they already haven't) just what the benefits of living in this city are.
This neighborhood in particular - our alderman gives a hand out every chance she can to anything related to subsidized housing, but homeowners get the back of her hand. I can only hope if comes around to bite her hard.
Jocelyn and High Fidelity Chris must be renters, because if they owned a property and this affected them personally, what's wrong with it might be more obvious. It's easy to say something is "no big deal" when its not your money, and it doesn't affect you directly. However, like Yo said, it will affect you in the long run. You and everyone else living in the area.
ReplyDelete