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Lower property tax rates could benefit economic development

Notice of property tax assessments were sent out on August 13, 2019 for taxes to be paid in 2020, a quadrennial tax year. The new property tax assessments are available online at Winnebago County Supervisor of Assessments website at wincoil.us. This year’s deadline to file an assessment complaint or appeal is September 16, 2019 Property assessments were up again this year for the fourth time since the last quadrennial assessment in 2015 for taxes paid in 2016. My property value has now been assessed at approximately the same value it had a...

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School Board’s contract offer appears fair to everyone

The American Federation of State, County and Municipal Employees (AFSCME) union representing school district bus drivers, nutrition employees and paraprofessionals have been complaining that the school board refuses to bargain with them concerning primarily health insurance and wages. The school board declared an impasse on January 11, after nine months of negotiations and the union refuses to accept the district’s final offer. AFSCME members believe the district’s contract is unfair and demands continuing negotiations. The district’s current...

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EAV Fluctuation has little effect on property taxes under Tax Caps

Most people in Rockford and around the state believe that when property values increase in a taxing district due to a real estate market turnaround, Tax Increment Finance (TIF) districts expiring or new construction, the tax base increases and the net result will be lower property taxes in that district. It doesn’t work that way under current Illinois property tax laws. Taxes do not decrease simply because the Equalized Assessed Valuation (EAV) increases in a given tax district since Winnebago County is subject to the Illinois Property Tax...

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Several Rockford districts will not raise property tax levy in 2015

The Illinois Tax Cap law allows taxing districts – the schools, the city, the county, etc. – to collect the same amount of property taxes as they did the previous year, plus inflation up to 5%, even as property values decline, by permitting the districts to raise their tax rates to their statutory limits without referendum. Winnebago County accounts for approximately 7.4% of the total property tax bill, while the city and the school district account for ten times that amount – 73.6% of the total tax bill. The county’s tax levy has...

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Tax Increment Financing – even less effective as property values decrease

Tax Increment Financing is a dubious economic development tool used by Illinois municipalities seeking to increase the assessed value of property within “blighted” areas of the municipality, through public investments, to create new growth and new taxes. Any increase in the assessed value of property within the TIF district over a period of 23 years, which is above an initial base Equalized Assessed Value (EAV) that existed when the TIF was created, is called the Tax Increment EAV. This Tax Increment EAV is multiplied by the current tax rate...

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Honoring Veteran’s Day

Today, we should be proud to honor Veterans Day by pausing to remember the  men and women in uniform who serve this country. They are some of the finest  this nation has to offer. We owe them our Liberty and our Country! Thank a Veteran Today Greater Love Has No One Than This: Than to Lay Down One’s Life For One’s  Friends. John 15:13...

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