The outrageous hike in assessments

Wheeling Township total assessed valuation increases 30 percent, or 10 percent per year since the last reassessment.

Total 2007 assessed valuation for 59,511 parcels is $2,731,381,110 according to the Cook County assessor's Web site. The 2006 valuation was $2,107,581,392. This is an increase of $623,799,718 or 29.6%

If the tax multipliers remain similar to last year's, then taxes will dramatically increase for myself (by 32 percent) and 83 percent of the rest of Wheeling Township homeowners by 20 percent or more this year.

I have found the following number of homes have increased their assessment this year according to the following table:

• 0 to 9 percent increase -- 1,760 parcels.

• 10 to 19 percent increase -- 8,004 parcels.

• 20 to 29 percent increase -- 25, 787 parcels.

• 30 to 39 percent increase -- 16,575 parcels.

• 40 to 49 percent increase -- 3,813 parcels.

• 50 to 59 percent increase -- 1,189 parcels.

• 60 to 69 percent increase -- 475 parcels.

• 70 to 79 percent increase -- 209 parcels.

• 80 to 89 percent increase -- 487 parcels.

• 90 to 99 percent increase -- 70 parcels.

Several implications can be drawn from this data.

• Wheeling Township taxing bodies may realize a windfall in their revenues of possibly 30 percent unless the multiplier is reduced by a significant amount or other factors going into the calculation are tweaked.

• This is an incredibly unfair increase to most homeowners well over the inflation rate of the past 3 years for the triennial "catch-up.

Assuming a worst case increase of 4 percent inflation annually, at the most assessments should not be increased over 12 percent without any change in the data describing the properties - leaving only the assumed market value change.

As can be seen above, perhaps 90 percent of homeowners will see increases of over 12 percent, with many such as my wife and I receiving a tax increase of nearly three times that.

• Based on these record high increases, I suspect this is a result of coding neighborhood codes based on sales over the last three years during the housing "bubble." But we have only to look at recent sales data to see that most of existing homes are rapidly decreasing in market value due to the subprime crisis causing a glut of foreclosed homes coming on the market, and a stop to mortgages being given to less qualified buyers.

This is an outrage for most of us. Many of us are living on fixed incomes. I know that raises for those still working are not even covering inflation for most. And families' breadwinners are losing jobs, possibly facing foreclosures.

So now, cruelly, our real estate taxes are skyrocketing at 20, 30, even 50 percent.

And this, on top of the county sales tax increases (tops in the nation), increasing gasoline prices and increasingly generous pensions for government retirees.

It's rumored that the average District 214 retiree gets $75,000 a year, while most Social Security retirees get between $15,000 and $25,000 a year. According to the Wall Street Journal Sunday, 44 percent of retirees have no other income than Social Security.

Other taxing bodies are facing similar situations around the country. Indiana has done something about it.

For example, in exchange for a 1 percent increase of the state income tax, they have adopted annual real estate tax increases to 1 percent of the assessed value of a home. For a $200,000 home, taxes will be $2,000.

For my home, which has been assessed a market value of $209,000, my taxes should be $2,090 at 1 percent, instead of last year's $4,200 and no doubt a $5,400 tax bill this year with the 32 percent increase in assessed valuation.

Looking to the government spending side of the issue, Indiana has also instituted referendum balloting for construction projects over a certain value in order to limit rampant local construction. (How about that Arlington Heights Village Hall, folks! - how much did that cost?).

This situation looks to me similar to the Boston Tea Party and "taxation without representation."

Am I "Paul Revere" (The Srogers are coming! The Strogers are coming!")? No, well, but thanks to the 1st Amendment, I am free to make these charges.

Dave Souders

Arlington Heights