Law will make taxes fairer

A new law drafted by State Rep. Jack Franks to help reduce property taxes will take effect Jan. 1, 2011. The law is Franks's answer to the growing problem of artificially high home valuations made by township assessors, which do not reflect the true value of the home. As a result, homeowners are paying more than they should in property taxes.

The new law requires assessors to consider short sales and foreclosure sales when valuing similar properties. Since those types of sales are the majority of current home transactions, a more realistic valuation of the taxpayer's home will occur. A simple example a home would be assessed at closer to $200,000, instead of being assessed at the former purchase price of $250,000. That translates to significant property tax savings for the homeowner.

Franks' law is a common sense solution to a problem facing all McHenry County homeowners. The assessors may not like it because it will require more work for them and the townships may get upset because they will receive less tax revenue. But more importantly, the people will like it because their homes will be properly valued and many will pay less in property taxes.

Good work, Jack.

Bob Gibson

Woodstock