At the full Board Meeting of The lake County Board on Tuesday, September 10, 2019, County Board Member Dick Barr made an impassioned plea for the necessity of lowering property taxes. Citing that property taxes have never been lowered in at least 20 years, as far back as his data goes. Barr presented data going back to 2020 showing major decreases in new business development (90%), as well as the County’s Property Tax Levy increasing by 100% in that same time frame.
A resolution to increase the 2020 levy by $605,000 was presented to the Board to vote on. Barr attempted to amend the resolution to freeze the levy, which would have provided tax savings to existing tax payers, albeit slight. He argues that while the savings are small, it is necessary to start a trajectory in the right direction.
Barr’s amendment failed to get the 11 votes necessary to pass. 6 Board Members voted in favor of Barr’s amendment, including Republicans Michael Danforth, Judy Martini, Brent Paxton, Ann Maine, and one Democrat, Diane Hewitt.
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:
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