Banks, developers get a sweet deal
I believe our friends in Springfield have again done us a “favor” that is not in our best interest. They have modified the state property tax directives that county assessors must follow when creating the tax bills ... or not.
I discovered a new tax “break” for a select group by reading my township newsletter in the section written by my township assessor. The Kane County Office of Assessment was very helpful in providing the facts behind this property tax exemption.
Here is the “deal.” With the 2010 property taxes that are soon due, the county is now directed by state law to exempt a property of tax if that parcel has a bill less than $150. At first glance I find myself thinking that this must be for swamp land or something.
Here you go ... don’t be surprised, it’s more than some swamp land.
As has been standard practice, when a given large parcel or farm is sold to be developed, the tax rate stays at the pre-developed farm rate for each parcel that is created until a home is built and is sold. After the sale, a market value is determined and the property tax is set.
As most of us know, property values have taken a tumble lately. This devaluation also has hit the vacant parcels in developments. Who owns these parcels? I understand that most are owned by either developers or banks.
With the devaluation, many if not all of these parcels are now at a tax level of less than $150. These developers or banks will not be receiving a tax bill this year.
It gets better. The property tax demand is the same as before, so who do you think makes up the difference? Each of us other property owners in our property tax area across the entire state.
We not only get to pay our normal outrageous tax bill, but we get to pay their taxes, too.
Now, in reality, this is to be a rather modest addition. I don’t care. If it’s a nickel, I am mad. How about you?
Clean out Springfield and end this continued corruption, bloodsucking and deal-making. Let a law be passed ... all who voted for this change, they personally pay the tax difference ... not you and me.
Rod Sink
Elgin