Bloomingdale Township leads off the "Quad Year" hit parade. Some B'Dale Township areas seeing as much as a 20% reduction in their AV with no township equalizer [1.0000]. Or, AV = EAV.

Townships are later than usual this year in turning in their numbers. It is a "General Assessment Year" also known as a quadrennial ["Quad"] year where the township assessor must analyze every single parcel number in his/her fiefdom in much greater detail than in intervening years.

B'Dale Township, in aggregate, lost hundreds of millions of residential assessed value, roughly 10%. Click on the "33.26%" in the column headed Level After Township Assessor's Change in the above link to see just how much went away. Note also that Commercial and Industrial real estate went UP in AV.

Will this lower tax bills? Probably not but it clearly will start to have an impact on what taxing districts will be willing to put forth in their annual extensions.

Wait'll next year. Lower still, as a law that went into effect on January 1, 2011 now mandates that foreclosures and short sales be included in the median price calculations.

The year 2011 isn't included in the 2011 AVs from the township.

Bloomingdale still stands alone as the only one of the nine DuPage Townships that have finished their Quad Year 2011 assessments - as of 9/17/2011 anyway.

Considering that Levy Season [Nov-Dec] is fast approaching, how will all of these taxing entities have the time to figure out how much MORE money to ask for here in 2011? Against a seriously declining aggregate EAV base?

I have to wonder if the declining base of EAV will start pushing rates up? Maybe to the legal maximums?

Based on my 2011 EAV [my property is in Bloomingdale Township] less the $6,000 Homestead Exemption, I'd have to have an overall rate of over 11% to match the dollar amount of my 2010 taxes, just paid here in 2011.

Home Rule entities - such as any Illinois town/city/village with a population of more than 25K - likely ready to play the Ignore the Tax Cap wild card.

As many area Home Rulers - Berwyn, Rolling Meadows, Bolingbrook, no doubt others - already have.

Winfield Township joins the Quad Parade.

Addison Township makes the cut, before October rolls around. Still no Milton.

Wayne, Milton, York, Naperville, Lisle and Downers Grove Townships have yet to report their Initial 2011 Level of Assessment to Craig Dovel, DuPage County Supervisor of Assessments. Tomorrow is the last day of September, 2011.

Yes, it's a Quad Year but this is particularly LATE. Look for all six laggard townships to drop their assessments on DuPage County tomorrow, Friday 9/30/2011, late in the day, likely at 4:59 PM.

To not have them completed by October would be an embarrassment. All of the taxing entities - schools, towns, county, and on and on and on - are WAITING to see what their 2011 aggregate EAVs are so they can begin to work on their "extension" [levy, lump sum to ask for in 2011-pay-2012].

Property owners only have a month after the assessments are finalized until the Final Complaint Filing date.

Here is the article from the September 27 Sun-Times. It's exclusive to Cook County, and I don't think you need tax advisers or real estate attorneys on retainer to get the mail from Berrios' office.

I will be happy to get the reminder sent from Cook County and file for the $200 median exemption for any senior in Cook County. One billable hour. Cheap at twice the price. Of course, if the seniors' rotten children cared about them, they would make sure it was done.

That's me. Glib and callous. And let's cut Medicare and Social Security while we are at it.

Here is a link to the exemption form. If you know a senior in Cook County, touch base with them.

The six laggards still lag.

Does anyone on this board know: Do school district "business managers" have a hotline to local township assessors? Sort of a backdoor conduit for getting "rough" numbers about how much the aggregate EAVs for their district will be dropping for 2011?

We are at the stage in the whole property tax-apalooza where the taxing districts will begin to come up with their lump-sum levies.

In the face of 10%, 15%, 20% drops in EAV, how can any taxing entity think to ASK FOR MORE MONEY THAN THEY GOT LAST YEAR?

This has been picked up nationally now too by Drudge.

Ill-Annoyed, as its pronounced by some...

We just bought a 4,500+ SF home in the VA burbs of DC, brand new construction. 1/4 acre lot. Purchase price? In the $600k window. Tax bill? $7,200. I tell ya', if you can make DC look affordable, you've either got a stronger micro economy, or got a problem on your hands....

Yeah...

But does your local high school have lights and plastic grass? Do you have a multi-million dollar “field house?” Does your town have not one, not two, but three school districts? Are you paying for the maintenance of a bridge that belongs to a neighboring municipality? Is your town constantly involved in lawsuits, including one with its largest employer? Does it keep funding expensive “studies” that are generally ignored?

I think not.

You get what you pay for, my man. You get what you pay for. You'll just have to learn to do without.

Ted, good one.

quote:

Originally posted by nc211:
This has been picked up nationally now too by Drudge.

Ill-Annoyed, as its pronounced by some...

We just bought a 4,500+ SF home in the VA burbs of DC, brand new construction. 1/4 acre lot. Purchase price? In the $600k window. Tax bill? $7,200. I tell ya', if you can make DC look affordable, you've either got a stronger micro economy, or got a problem on your hands....

NC, not saying taxes are not high in IL, but property taxes are just one part of the equation. VA actually has a higher state income tax (5.75% on every dollar over $17K of income).

Without knowing exactly which suburb of VA you moved to, its hard to make a comparison. You know, both Villa Park and Glen Ellyn are considered the western suburbs of Chicago.

Ted, it sounds like you are ready to retire to Alabama.

Got some other things to do today, Pollux (and I am not making up an absolute statement.) Just said they are more factors than just your property taxes and state income taxes are one part of it.

NC lives in GE and not Chicago in Cook County. Also, assume he makes $150K+ and IL income taxes start with federal 1040 AGI and allow exemptions and deductions for property taxes.

Go to a cost of living comparison website and enter Glen Ellyn, IL vs Great Falls, VA.

All I am saying is GE and parts of N VA are probably pretty comparable in cost of living as they are both desirable places to live.

the GEBB is just too compelling to give up, right NC211? hope all is well...spend that extra tax savings on something nice for the new home.

I'm still trying to make Clam mad, so I thought I'd stop by for some chatter! :-)

We're still here for another two weeks until the house in VA finishes construction. We're moving to an area just outside of a neighborhood called Brambleton, about 4 miles WNW of Dulles. I would compare it to a Naperville type setting, with individual subdivisions all named with a "Chase, Manor, Hills, etc". It fits us a bit better than GE setting, because that's what we're use to.

I haven't looked up the vehicle taxes yet though.
Probably should before I start chattering about lower taxes! I'd find it hard to believe that on a whole, DC is cheaper than IL. They'll get their money one way or another from me!

We're spending the extra money on a deck and patio. Developers won't include them due to some legal liability issue out there, without charging 4x the cost to go 3rd party. DC lawyers...and so it begins...

...oh, and a new car, thanks to what the road salt has done to the underside of our SUV. Had an emergency repair bill of $900 two weeks ago while house hunting. The brake calipers had finally seized up onto the rotors, completely rusted. Nice feeling to have your car towed from an open house because when you applied the brakes to pull into the driveway, they locked up! The mechanic at the dealer brought me back to the shop to show me the underside of the car. 2005 Toyota 4Runner, chewed to hell and back underneath by the salt. Ouch! Just has to do one more drive to NC, then it gets replaced. Not something I was looking forward to, but not acceptable to my standards to be the family buggy anymore.

quote:

...ready to retire to Alabama...

Ah, yes. Alabama...

Land of state-of-the-art athletic fields and community-supported Friday night football.

Now, if they only had High Schools...

Ashburn?

That's Hah skoo to you Ted you Northeast high brow, you!