Was at least happy to see that the fair cash value of my house didn't INCREASE like last year.

But the taxes still increased, of course.

Same here.

Have a friend in Schaumburg and he got a substantial decrease in his assessed value. How tax assessments work- who knows.

Look for roughly a 9% decline in the EAVs in 2010, pay 2011. The rough estimates are already on the DuPage County web site, Craig Dovel, Supervisor of Assessments area.

DuPage County Assessment Status -2010 Assessment Year

Initial 2010 Level of Assessment - Potential Equalization Factors

This second one shows the estimated "equalization" factor. Note the minus signs.

Of course, this doesn't mean your taxes will go down. No, for that to happen, all of the taxing entities [or the big ones anyway] have to ask for less money than they did the prior year.

Seven of nine DuPage townships - Milton included - have the EXACT same EAV on the 2009 bill as the 2008 bill. Only Naperville and Lisle Townships saw a slight upward equalization for 2009.

Bio - the assessors use a three-year moving window that does NOT include the year of assessment. So, for 2009, they used 2008, 2007 and 2006. Here in 2010, they'll use 2009, 2008 and 2007. The oldest year always drops off the end. Their main tool is the Sales Ratio by Township, produced by the Illinois Department of Revenue.

Next year promises to see even BIGGER drops in EAV, considering they'll be using 2010, 2009 and 2008.

My assessed values went down, but the dirty *******s just raised the tax rate to compensate, so I actually paid more than last year. (Big surprise )

I can't believe the majority of this goes into pensions.

How much more? I paid less than .5% more here in 2009 than 2008 - the smallest increase since, uh, I can't even remember? 1996?

That is due to the low CPI from calendar year 2008. The taxing bodies were capped because of it. But the 2009 CPI was back up so expect next years bills to increase similar to years past. The EAV will not decline to the point where the taxing bodies reach their statutory rate ceilings. Your EAV, as BTN has stated, will likely decrease. But your taxes will go up.

taxes up 2% in actual dollars.

quote:

Originally posted by GEM:
I can't believe the majority of this goes into pensions.

You know, I actually looked my bill over as to pensions and was kinda pleasantly surprised. I mean, a heck of a lot goes to pensions, but nowhere near as much as I had feared. And CERTAINLY nowhere near a "majority."

Dins, that is just the property tax portion of the pensions. The bigger portion of the dollars (for the teachers retirement system, anyway) comes out of the State budget. Or perhaps it's more correct to say that the IOUs to the funds come out of the State budget.

Fortunately that's shared by the states population as a whole.

I have always thought that the line item broken out on DuPage County property tax bills that reads: "Pension Fund" was the combined rate for the taxing entities' IMRF/SS funds.

IMRF [Illinois Municipal Retirement Fund] covers many unionized public sector workers - not teachers, police and fire. Frequently, a town or village has the highest "Pension Fund" amount on a DuPage County property tax bill because of this. Smaller property tax base, more unionized employees that aren't teachers, police or fire.

Oh, and IMRF? They are not part of the infamous Ill-Annoy "unfunded vested liability" public pension problem. They are flush with cash and close to 80% funded.

quote:

Fortunately that's shared by the states population as a whole.

Fortunately?

I guess I don't know what Mid is saying or Dins. Tax bill says what you we pay directly in property tax to county/forest preserve/etc pensions in DuPage only. It says that.

OK, clarify.

What I'm saying is that every taxing entity on your bill has a "Pension Fund" line item. Further, what this rate/amount represents is that entity's IMRF/SS [not 100% certain but pretty sure] money.

In other words, it covers the 6.2% "employer match" for SS and whatever "employer match" is in play for IMRF. Employees also contribute 6.2% to SS and something - not sure of the percentage - to IMRF.

I don't know for sure but I'd guess that this is for ALL counties in Illinois. Not just DuPage.

I THINK what Dins is saying is that the percentage of his total tax bill that is allocated towards some stranger's "Pension Fund" is fairly small [on my bill, it is about 7.5% of the total]. What Mid is alluding to is that a HUGE bulk of the TRS, etc. pension money comes from the State's "General Fund" in the form of all other taxes.

I THINK that the contributions that a school district makes to TRS come straight out of their Education Fund and you really don't see them broken out on your property tax bill. I believe a school district contributes .58% of their total TEACHER payroll to TRS. Not sure how the Administrator's contributions are handled. Probably out of the Ed Fund as well.

Can anyone confirm this?

Yoiks! I'm totally confused. Maybe Dins and Mid can elaborate.

When it comes to property taxes? Confusion is normal.

quote:

Originally posted by ByTheNumbers:
I THINK what Dins is saying is that the percentage of his total tax bill that is allocated towards some stranger's "Pension Fund" is fairly small [on my bill, it is about 7.5% of the total].

You know me better than I know myself! Altho instead of "fairly small" I might say "smaller than I had feared it would be." Not intended to be anything other than a very limited personal observation.

I have confirmed, to my satisfaction, that the component funds of the "Pension Fund" line item for taxing entities on my DuPage County property tax bill are indeed IMRF and Social Security.

I contacted the County Clerk and asked to see the extension worksheets [that the clerks themselves use] that show all of the levy/extension information, by fund for the 2009 tax cycle - the one that just showed up in the mailbox.

Sure enough, adding the two "final" rates, after all PTELL step-downs for the IMRF fund -AND- the Social Security fund I get the EXACT rate that appears on my tax bill.

The take-away from this? While IMRF and Social Security are indeed identifiable "Pension Funds" [these are the employer match monies] and are, in fact, separated into discrete "funds", they are FAR from the whole story as far as "Pension Fund" dollars paid in the form of property taxes.

So, looking at a taxing entity like a school district, when you see their "Pension Fund" line item? It does NOT include teachers and administrators.

No, it includes aides, janitors, secretaries, maintenance workers, etc - Unionized, but non-teachers/admins, contributing to Federal SS/Medicare as well as IMRF.

You don't often see this in Wheaton.

Zaruba Moving and Storage.

They just cleaned out this house, hauled everything to the curb and locked the place up.

Then the vultures landed to scavenge their stuff.

Anyone know where I can look up my property tax bills online?