On January 21, 2020, Lake County Board Member and Round Lake Beach Mayor Richard Hill sat down to discuss Lake County Government. This excerpt deals with the new service being offered by Lake County called 211. 211 is a service residents can use to obtain help for just about any issue they can imagine. From getting help with an abusive relationship, to finding shelter, to helping with unpaid utility bills. 211 works similar to 911, in that you dial 211 on your phone to get connected with professional help. Do not use 211 for pressing emergencies, still use 911 for that.
On January 21, 2020, Lake County Board Member Dick Barr sat down with Mayor Richard Hill of Round Lake Beach for a Fire Side Chat to discuss Lake County Government. This excerpt deals with the Opioid crisis in Lake County and the Lake County Opioid Initiative by States Attorney Mike Nerheim and the County’s “A Way Out Program”.
The County Board will be voting on an estimated 2020 Property Tax Levy (amount collected in property taxes) tomorrow (September 10th) at the full board meeting at 9 AM on the 10th Floor of the Lake County Administration Building at 18 N County St in Waukegan.
I will be proposing an amendment to the resolution to freeze the levy at the 2019 amount, opting to not increase the levy with new growth. Instead, the new growth will be used to reduce the existing tax base portion of the levy, however slight.
Watch the video the explains the Levy and my reasons for proposing an amendment.
My reasons are many:
Primarily, I am very concerned that new growth tax revenue in Lake County has declined by 90% since 2020, from $6 Million in 2000 to $605 Thousand projected in 2020.
The Lake County property tax levy has increased 100% since 2000, from $80 Million in 2000 to the current $162 Million. Even when adjusted for inflation that number has risen from $125 Million in 2000 to the current $162 Million, an increase of 30%.
Lake County will be receiving additional revenue from the state next year, partly due to increased transportation revenue from the State’s Motor Fuel Tax (estimated between $5-7 Million a year), and Lake County will also receive sales tax revenue from any marijuana retail that goes anywhere in the County, including within municipalities. (I am not currently aware of any projections or estimates on marijuana tax)
Cuts to services are not necessary to accomplish what I am asking, although during the budget process over the coming months I will be looking very closely to areas where cuts are warranted.
Lake County Government has not lowered its levy going back at least 20 years (as far back as my data goes). This is an opportunity to show residents that we care about the current trajectory of Property Taxes, and are committed to reversing that trajectory for the first time in decades.
Every $48 of property tax affects home equity by about $1,000. $480 of property tax affects about $10k in home equity and $4,800 in property tax affects about $100,000 in equity. This is because lenders approve mortgage borrowers based on their monthly debt to income ratio taking property taxes into account.
While my proposal will mean very little on the individual tax bills, I hope its effect will be example setting and educational so that residents can ask the same of other taxing bodies that make up the 95% of the tax bill that County Government does not control.
Property Tax Payers have been investing in maintenance and infrastructure to make new development growth possible, but under the current system of not using new development growth to lower property taxes, residents never earn a return on their investment.
Thank you again for the opportunity to serve you. Please let me know if you have any questions at all!
We all know what our property taxes are, but how many have ever explained what they mean? In this video, I go into great depth to explain exactly how the Lake County Government Property Tax levy works and how it affects your tax bill.
Property Tax and the Property Tax levy are some of the more difficult ideas to understand in Government. In this video you will know what a levy is, how it is decided, and how new property development affects the levy and size of spending in a taxing body.
Every four years Illinois Counties reassess every single property on the tax roles for the purpose of levying Property Taxes. Cook County reassesses properties every three years.
2019 is the quadrennial reassessment year for Lake County. Invariably, there will be winners and losers, as some properties have seen significant increases in value since the last quadrennial reassessment in 2015. Homes like Condos and townhomes have seen the largest value increases since 2015. Condo and townhome owners may be in for some unpleasant surprises on their 2020 tax bills. On the flip side, homes that already increased in value prior to the last reassessment may see some tax relief from the 2019 quadrennial reassessment. Homes in the $250k+ range mostly fall into this category. This is because their assessments already accounted for their higher values, and that segment of the market has seen some softening in recent years.
Why does property tax go up even if property values go down?
Why do property taxes always go up even when my home values go down? This is a more complicated concept that I discuss at length in the video. Spoiler alert: It has to do with the fact that your value doesn’t truly determine your property taxes, more specifically, your value compared to the value of others’ homes is what determines your property tax.
What will your tax bill look like in 2020? Will your property taxes be going up again? This video goes in depth to understand your property taxes in their entirety, using very easy to understand analogies and explanations.
If you have more questions or you would like more information after watching the video, please feel free to reach out to me anytime. Stay up to date on what’s happening in Lake County by “liking” me on Facebook. My official page on Facebook is https://www.facebook.com/DICKBARRLAKECOUNTY/ You can also sign up for my newsletter by clicking here:
If you would like more information on Property taxes, please visit my property tax information page here: