Wednesday, November 30, 2005
Home Value Up 7% in Algonquin Township, McHenry County Assessor Says
The mysterious white card just arrived from the McHenry County Supervisor of Assessments.
It says for tax purposes the value of homes in McHenry County's most populated township have increased almost 7% (actually, 6.96%)--about the same as last year.
Too often, when property owners see this annual card, they think that their tax bills are also going to increase by 7%.
Not so since the tax cap took effect in the early 1990’s.
The total amount taxes that schools, municipalities, park districts, etc., can get is limited to the increase in the Consumer Price Index (CPI), plus new construction.
That’s not quite right for folks in the Crystal Lake-Cary-Fox River Grove area, and anywhere else where a Tax Increment Financing district has been approved, however.
As the on-going fight in Crystal Lake has shown, the local tax districts will not lose any money. They will still levy the maximum allowed under the tax cap rules. That means your tax bill will increase more that the CPI goes up.
To find out why Tax Increment Financing districts will increase your tax bill more than the CPI, click here.
It says for tax purposes the value of homes in McHenry County's most populated township have increased almost 7% (actually, 6.96%)--about the same as last year.
Too often, when property owners see this annual card, they think that their tax bills are also going to increase by 7%.
Not so since the tax cap took effect in the early 1990’s.
The total amount taxes that schools, municipalities, park districts, etc., can get is limited to the increase in the Consumer Price Index (CPI), plus new construction.
That’s not quite right for folks in the Crystal Lake-Cary-Fox River Grove area, and anywhere else where a Tax Increment Financing district has been approved, however.
As the on-going fight in Crystal Lake has shown, the local tax districts will not lose any money. They will still levy the maximum allowed under the tax cap rules. That means your tax bill will increase more that the CPI goes up.
To find out why Tax Increment Financing districts will increase your tax bill more than the CPI, click here.
