Tag Archives: property tax
The Rockford Register Star reported Thursday night, and today, that the Winnebago County Board reduced the number of county board members from 28 to 20, while increasing future pay to $8500 from $7500 for board members elected in November of 2012. So, the salary increase will not take effect until December 2012.
The pay increase for the next county board will be the first increase since 2002 and the salary should not be increased again until 2022, for a raise of 0.67% per year over the 20 year period. The pay increase works out to $63.50 per month after taxes for over 120 …
Property tax caps are getting a bum rap. Tax caps, when combined with rapidly declining property values, have simply become a convenient excuse for most local taxing bodies to raise our property taxes to the max to cover their spending habits!
In a previous post, it was explained that an unintended consequence of the tax cap law allows the taxing bodies to receive the same amount of taxes collected last year, plus the rate of inflation or 5% whichever is less. When property values decrease, the taxing bodies can increase the rates to make up for the property value’s loss plus the rate of …
Hope you have cashed in some of your gold or silver in the last few weeks at the current price, so that when you open your property tax bill next week, it will not be such a shock. Despite the declining value of your property, your taxes will most likely be increasing.
An unintended consequence of the Tax Cap law allows the taxing bodies to receive the taxes collected last year, plus the rate of inflation or 5% whichever is less. When property values decrease, the taxing bodies can increase the rates to make up for the property value’s loss plus the rate …