Increased property tax exemptions shifts tax burden without relief

On April 6, 2017, the Illinois House passed HB0156 by an overwhelming vote of 108 to 1 expecting to provide much needed property tax relief in state counties by increasing the value of numerous property tax exemptions. Basically, the two most substantial exemptions approved would increase the exemption for seniors over the age of 65 to $6000 annually from the current $5000 and the General Homestead/Owner Occupied exemption to $8000 from the current $6000. Other exemptions increased in the bill would have much less impact on taxing districts...

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Rockford’s proposed Property Tax Refund Program could cause tax rates to rise

Initially, the Rockford Homebuyer’s Property Tax Refund Program appears to be a well-intentioned proposal to eliminate some of the blight in the city and to revitalize home values. The program gives property tax refunds for three years to those who build single-family homes, or buy foreclosed or “short-sale” homes as their primary residence, anywhere within the City of Rockford, if the homes are under contract by the end of the year. After the property owners, who purchase a qualifying home, pay their normal property taxes, the city will...

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Thousands of 2016 property tax bills will increase significantly (Part II)

To summarize Friday’s column, Rockford Township has significantly increased many township property assessments by resetting the overrides of successful complaints to the Winnebago County Board of Review, which have occurred since the last quadrennial assessment in 2011. Consequently, thousands of parcels have been assessed considerably higher than they were last year, and coupled with another increase in the township tax rate, will result in significant property tax increases in 2016. The tax rate is usually not determined until March of the...

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Thousands of 2015 property assessments have increased significantly (Part I)

If you filed a successful Real Estate Assessment Complaint Form in the last 4 years, and live in Rockford Township, chances are you will be shocked by your increased property assessment this year and the resultant increase in your property taxes next year. Quadrennial property assessments are calculated every four years on all properties in a county to determine the ad valorem taxes to be paid the following year, and township assessors are required, by law, to revalue all property within their jurisdiction. The overall Rockford Township...

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TIF approval removes taxpayers from portion of process

About 18 months ago, I posted concerning the Joint Review Board (JRB), consisting of non-elected representatives from specified local taxing districts, convened by the city to determine if newly proposed Rockford Tax Increment Finance (TIF) districts meet the eligibility requirements of municipal state code. The board consists of 9 members, one selected from each – Community College, school district, park district, library district, township, fire protection district, the county, the municipality requesting the TIF, all of which have...

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