McHenry County tax bills on their way
McHenry County Deputy Treasurer Glenda Miller knows homeowners are not going to be happy when they receive their property tax bills in the coming weeks.
And she's surely right, based on the list of new 2010 property tax rates the county released on Thursday.
Very few taxing bodies in the county will show a reduction in tax rate. Many show double-digit percentage increases over the 2009 tax rate.
Miller said for the first time in 28 years, the Illinois Department of Revenue issued an equalizer on the county, which is meant to correct for inaccurate assessments. The equalizer led to a tax increase of about 3½ percent for all taxing bodies, Miller said. The increase is typically 1 percent, Miller said.
Adding to the pain is the dramatic drop in the county's property value. Property values decreased from more than $11.21 billion in 2009 to about $10.13 billion in 2010 — or about 9.7 percent, said Bob Ross, chief county assessment officer. Furthermore, new construction was about half the value of 2009.
With such a significant decline, Ross said, it is typical for the state to place an equalizer on the county in order to bring assessments back to the statutory one-third of market value as determined by the state department of revenue.
One of the largest increases comes from the Huntley Park District, whose rate rose almost 25 percent, while the City of Crystal Lake's rate decreased about 9 percent.
“We have been telling people for years that the assessments do not determine how much money a taxing body is going to get,” Ross said. “The assessment determines how much a property owner will pay on their tax bill.”
McHenry County Clerk Katherine Schultz said tax rates have to go up to offset the drop in property values.
In the case of Crystal Lake, Assistant Finance Director Laura Herrig said the city lowered the tax levy — its request for taxes.
“The board did elect to ask for less money,” Herrig said, to lessen the burden of taxpayers.
Officials said they are tentatively scheduled to mail property tax bills on May 13 with the first installment due June 13 and a second installment due Sept. 13.