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Post by momto4 on May 2, 2011 16:38:24 GMT -5
Fair cash value listed at 4% lower than last year's bill, total tax due up 3.2%, District 204's share at a steady 60% of the total bill (61% with the pension fund is included). The City of Aurora tax rate went down.
The total tax rate here in DuPage/Aurora is 7.9642.
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Post by southsidesignmaker on May 2, 2011 21:36:48 GMT -5
The county of Will 2010 property tax bill has arrived
Value of residence DOWN 9% from last year. Total Tax amount DUE DOWN 3% from last year
Tax RATE increase or decrease year over year.
Forest preserve INCREASE 3% School District 204 INCREASE 8.7% City of Napertucky INCREASE 3.3% Naperville Park District INCREASE 9% WILL County INCREASE 5%
Spoke with a neighbor who had also opened new tax bill, his reply was priceless. He exclaimed how great it was that his taxes went down almost 300 dollars. When I tried to explain that his home dropped 10% and his actual tax rate for all taxing bodies went up 3-4 times the rate of inflation, he just had a glazed look on his face, as I walked away he noted that he was just happy that his taxes are less.
As most know I like to look at things as a percentage increase, perspective is so much easier. My read on this is simple (though I suspect Big Mac can elaborate much better), Real estate values have been pummeled and it won't be long before folks in district will be paying close to 3% of market value to the tax man. Of that 3% over 70% will go to the local school district. This 70 % to the school district is bound to increase on a percentage basis because of the high cost of fixed expenses.
High real estate taxing states like Illinois may take a back seat to other competitive states as the cost of real eatate taxes for many will be just like another mortgage. With the baby boomers aging quickly there is a real possibility of a vacuum in the real estate market for years to come as buyers look at the real estate taxes nearing 3% (average home in this neck of the woods 400K) or about a grand a month to the tax man.
One can only wonder how an operations ref will fly in this environment. Of course if the reaction is anything like my neighbor's the ref should pass without a hitch.
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Post by southsidesignmaker on May 3, 2011 8:41:03 GMT -5
Momto4,
I pulled my tax statement to check total tax rate. In will county my total tax rate is 6.8979. of that total tax rate 4.8871 makes up district 204. The school district is just under 71% of my total tax rate. The previous year the total tax rate was 6.3914 with district 204 portion being 4.4934 or about 70.3% of the total rate.
The interesting thing is that even though my total taxes paid went down marginally my actual tax rate for almost all government agencies went up substantially. For instance the largest portion of my tax rate is for school district 204 (70%+), went up over 8% (4.8871 - 4.4934 = 0.3937 / 4.4934 = 8.76%).
More telling is that of our district's budget about 80% of cost is labor and last night the board authorizes a major increase in our supt. salary. I suspect that other administrators salaries will follow. Then of course we have teachers salary package to renegotiate in the not too distant future.
All of this spending "like drunken sailors" with a falling revenue stream: My residence 2010 fair market value is down almost 10%, while in real selling terms my home is down another 10-11% from what I am presently being taxed at. Commercial and retail is not much better as I am still producing signage and banners with rent factors 20- 30% less than actual construction cost value. Obviously the board has not taken into account just how drastic the real estate market is and the impact on the district at large. Nor imo have they realized the longevity of this downturn.
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doc
Frosh
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Post by doc on May 4, 2011 11:40:29 GMT -5
Momto4, I pulled my tax statement to check total tax rate. In will county my total tax rate is 6.8979. of that total tax rate 4.8871 makes up district 204. The school district is just under 71% of my total tax rate. The previous year the total tax rate was 6.3914 with district 204 portion being 4.4934 or about 70.3% of the total rate. The interesting thing is that even though my total taxes paid went down marginally my actual tax rate for almost all government agencies went up substantially. For instance the largest portion of my tax rate is for school district 204 (70%+), went up over 8% (4.8871 - 4.4934 = 0.3937 / 4.4934 = 8.76%). More telling is that of our district's budget about 80% of cost is labor and last night the board authorizes a major increase in our supt. salary. I suspect that other administrators salaries will follow. Then of course we have teachers salary package to renegotiate in the not too distant future. All of this spending "like drunken sailors" with a falling revenue stream: My residence 2010 fair market value is down almost 10%, while in real selling terms my home is down another 10-11% from what I am presently being taxed at. Commercial and retail is not much better as I am still producing signage and banners with rent factors 20- 30% less than actual construction cost value. Obviously the board has not taken into account just how drastic the real estate market is and the impact on the district at large. Nor imo have they realized the longevity of this downturn. you're dead on SSSM - however as you saw Monday night ( if not watch the replay ) - the drunken sailor open checkbook was just passed from M2 to Darth Bradshaw - now a fully licensed apprentice. BAU remains in 204 and even though it is 'rumored' the Super asked for 6-6-6 and got 3-4-5 remember it starts immediately- not an extension so it is worth more- and worth over $1.3 more in pensionable earnings. Lined up right behind for 'theirs' is admin -- then the teachers again. Unfortunately we now have a president who refuses to see reality economically - and has stacked the executive positions on the SB with is rubber stamps. So the financial situation here will get nothing but worse...until common sense can unseat 1 more drone.
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