|
State Equalization Factor April 19, 2011
For the first time since 1996 Lake County will receive an equalization factor from the State. The state factor applied to all properties except farms is 1.0199. The factor is applied to your assessed value on your tax bill. This does not mean taxes will increase by 1.9%, as discussed below taxes are a result of spending. The purpose of the state equalization factor is to bring the county valuation to 33.33% level of assessment based on a three years sales ratio study complete by the Dept. of Revenue. Below is an article from the Illinois Dept. of Revenue
Related Article IDOR 2010 State Factor
Assessments down - Taxes up April 5, 2011
Now the question is, “What about my tax bill? When will that go down?” In all likelihood, it won’t. Assessments are going down because of the decline in the real estate market. Generally tax bills are going up as a result of increased spending by taxing bodies such as schools, villages and townships. If spending doesn’t go down, taxes won’t go down either. Property taxes exist because of local government spending. So, if government spending and the “levy” requests do not decrease, most of us will see no relief in our tax bills. In fact, Illinois law allows for increases in spending at the rate of the annual CPI index. For the tax bill to be received in May 2011 the CPI increase is 2.7%. This means spending will increase, so tax bills will be going up by at least 2.7%, even with assessments going down.
Read Full Article
Tax Bill Update April 28, 2011
The latest news from the Lake County Treasurer Bob Skidmore, is tax bills will be mailed on May 3. The two installments will be due June 6 and September 6. This year's detailed information regarding assessment, tax rates, and of course spending comparisons is available by clicking the TAXES tab
Treasure's Office tax bill press release
Tax Bill Press Release
Tax Facts April 28, 2011
Taxes collected from Lake Villa Township alone is $96,457,954 !!!!!
The total assessment for Lake Villa Township decreased -4.6%
The median spending increase (taxes) from the taxing bodies is +3.6%
Of the 30 taxing bodies in Lake Villa Township only 5 had spending decreases
The average tax bill in Lake Villa Township is increasing around +4.0%
|