$6.7M in unclaimed rebate money returned to Valley Hi Nursing Home

More than $6.7 million in unclaimed money from the Valley Hi Nursing Home fund rebate is returning to the nursing home.

McHenry County Board chairman Jack Franks called the program a resounding success. Qualifying households received more than 47,700 checks, totaling more than $8.2 million of the $15 million allocated by the county board.

"The rebate worked exactly the way it was supposed to," Franks said. "We spent down part of the excessive surplus that Valley Hi had accumulated by giving homeowners some much-needed property tax relief, and left Valley Hi with a very healthy and responsible reserve. That reserve got healthier with the unused funds returned to it. This was a win-win for homeowners and fiscally responsible government."

Homeowners who qualified received just less than 30% of the county government's share of their 2017 property tax bill they paid in 2018. More than half of the county's eligible homeowners applied. Homeowners also discovered, by benefit of the rebate program, that they had not been receiving the homestead exemption, which reduces taxable value of an owner-occupied home by $6,000. Many homeowners signed up for that and will receive that exemption moving forward.

"Not only did we give county homeowners tax relief, but we helped many attain a reduction they should have been getting," Franks said. "Eligible homeowners no longer overpaying on their property taxes was the cherry on top of the sundae."

Valley Hi, located on Hartland Road in Woodstock, has received $6 million of the unclaimed funds. The remaining $763,000 will be returned once the remaining outstanding checks have been cashed by their recipients. The returned surplus will leave Valley Hi with a projected $28.6 million reserve, which is enough to fund two years of operation.

Recognizing the financial burden many homeowners and business owners are facing because of the ongoing COVID-19 pandemic, the county board will vote this month on a resolution to waive late fees and interest for 90 days on the first installment of this year's property tax bills.