Assessed property values based on sales not investments

Property values usually track factors that affect housing supply and demand in a local community – good schools, low crime rate, moderate taxes and a highly skilled work force. This combination attracts business to the area initiating economic development, which in turn offers good jobs with low unemployment. Consistent rankings in the top ten worst cities in the nation have placed Rockford on the opposite end of these successful attributes and as a result Rockford property values reflect the disparaging ratings. By next year, Rockford...

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Property tax rate estimated to increase to $14 dollars next year

Two years ago, Rockford’s property tax rate was just over $12 per hundred dollars assessed valuation. Rockford area property owners will be shocked to know the estimated property tax rate for tax code 001 will be just shy of $14 dollars in 2014! Tax code 001 includes Rockford School District, City of Rockford, Winnebago County, Park District, Rock Valley College, Rockford Library, Rockford Township, airport and numerous smaller municipalities. In a previous blog post, it was explained that an unintended consequence of the Illinois Tax...

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As new property tax cycle begins – pertinent information to help

New property tax assessments are available online at the Winnebago County Supervisor of Assessments website at wincoil.us. This year’s deadline to file an assessment complaint is September 10. All comparable property evidence is due within 40 calendar days following the final date for filing complaints with the Board of Review if requesting a reduction of less than $100K, or 60 calendar days if requesting a reduction of more than $100K. Property owners may go to the website and click on “Assessments” to search for their...

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Legal and financial consequences of home rule in Rockford

Home rule, created by the Illinois Constitution in 1970, allows municipalities to raise taxes, pass ordinances to address local problems, and do just about anything not prohibited by state law. Non-home-rule communities can do only what the state law stipulates. Proponents of home rule always opine that the issue appears to boil down to a lack of trust in our elected officials not to excessively raise taxes without voter approval. In 1983, after two consecutive years of excessive tax increases, home rule opponents obtained 10,800 signatures...

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Tax Caps provide backdoor referendum in decreasing home market

Comments on my post concerning the lower income elderly paying more in taxes even though their assessments were frozen and their property was decreasing in value prompted me to post the following clarification. Property taxes should pay for the services the taxpayers decide they want, not what legislators’ mandate, and then don’t fund. Salaries for teachers, police, firemen, drivers, infrastructure etc. should not be paid for through backdoor referendums, such as tax caps (PTELL), which don’t require the people’s input. The tax caps...

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