Forest Park Forums Homepage
Forum Home Forum Home > General Discussion > Quality of Life Issues
  New Posts New Posts RSS Feed - Another reason why your property taxes are rising
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

Another reason why your property taxes are rising

 Post Reply Post Reply
Author
Message
Just the Facts View Drop Down
Pillar
Pillar
Avatar

Joined: 16/August/2012
Location: Male
Status: Offline
Points: 522
Post Options Post Options   Thanks (0) Thanks(0)   Quote Just the Facts Quote  Post ReplyReply Direct Link To This Post Topic: Another reason why your property taxes are rising
    Posted: 12/January/2013 at 6:30pm
People like to complain about governing bodies raising their taxes to the breaking point, and I do sympathize.
But behind the scenes, corporations with more freakin' money than they can count are finding ways to shift their tax burden off onto the rest of us. 

The Village of Forest Park and our two school districts are looking at taking a financial hit if retail giant Walmart prevails at the Illinois Property Tax Appeal Board (PTAB) soon.

Forest Park has intervened in a suit before PTAB looking to reduce a final property tax bill on "Walmart Store 2204" in 2009 (#09-33110-C-2). The village got a 45-day extension in September- haven’t been able to gleen any further info.

I do know this:

In 2005 the Cook County Assessor tagged the Forest Park Walmart property’s assessed valuation at $3,443,537. But the Cook County Board of Review reduced that to $3,287,450. In 2008 the BOR dropped it again to $3,124,156.

In 2009 the assessor valued the property at $3,124,158, but this time the BOR dropped it all the way down to $2,058,104. That decrease, the BOR explained, “is the result of ‘A value supported by an Assessor’s Recommendation, a decision by the Cook County Board of Review for a prior tax year, or a decision from either a PTAB or Specific Objection lawsuit.’”

So, from 2005 to 2009, the assessed evaluation governing real estate taxes for the Forest Park store of the largest retailer in the world went down from $3,443,537 to $2,058,104- an assessment reduction of $1,385,433- 40 percent. Since the annual property tax levy is what it is, and we HAVE to pay the bill, that means the rest of use have to make up for what Walmart doesn’t have to pay.

Here's the rub: 

The county assessor and BOR decisions are made before tax bills go out, so corrections can be made.

PTAB decisions that reduce taxes, on the other hand, are always made after tax bills have gone out and bills been paid. So taxing bodies have to cut a check to refund the money they've already received and spent.

That process nearly bankrupted a northern suburb's school district about ten years ago. 

The Northlake Walmart is doing the same, by the way, and the City of Northlake, the Northlake Fire Protection District, the Northlake Public Library District and School District  #87 were granted final 60- day extensions, also in September. 

So, just keep in mind, the next time you struggle to understand why your property tax bill keeps growing so much, it ain't all the fault of our elected officials.



Edited by Just the Facts - 12/January/2013 at 6:40pm
dahhh... dah-dah-dum!
Back to Top
Mark View Drop Down
Nomad
Nomad


Joined: 01/February/2012
Location: Lathrop
Status: Offline
Points: 44
Post Options Post Options   Thanks (0) Thanks(0)   Quote Mark Quote  Post ReplyReply Direct Link To This Post Posted: 15/January/2013 at 10:16am
Originally posted by Just the Facts Just the Facts wrote:

So, just keep in mind, the next time you struggle to understand why your property tax bill keeps growing so much, it ain't all the fault of our elected officials.

The county's board of review and assessor are elected officials. 
Back to Top
Just the Facts View Drop Down
Pillar
Pillar
Avatar

Joined: 16/August/2012
Location: Male
Status: Offline
Points: 522
Post Options Post Options   Thanks (0) Thanks(0)   Quote Just the Facts Quote  Post ReplyReply Direct Link To This Post Posted: 15/January/2013 at 12:25pm
Quite right, Mark. 
But the people I'm talking about in this post, at PTAB, are not. They're appointed. 
dahhh... dah-dah-dum!
Back to Top
jujube50 View Drop Down
Pillar
Pillar
Avatar

Joined: 02/November/2007
Status: Offline
Points: 1354
Post Options Post Options   Thanks (0) Thanks(0)   Quote jujube50 Quote  Post ReplyReply Direct Link To This Post Posted: 21/January/2013 at 1:57pm
Thanks for the info!
Gall town smarm
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 10.03
Copyright ©2001-2011 Web Wiz Ltd.

This page was generated in 0.063 seconds.
A.Lange & Sohne Langematik Tourbillon Replica Watches ,and it must be a dream replica watches. Brand, style, visibility, features are absolutely assiduous, they not only added to their own sort of power in the rolex replica sale, and certainly can bear, "handed down" in the name. Now here is a fantastic choice for you, if you heard of Langematik Tourbillon rolex replica sale , this article will be much helpful to you. The function of a breitling replica sale is no longer confined to more of a symbol used to reflect personal taste. For men, the rolex replica uk is a symbol of their status; the contrary, a woman wearing a replica watches in addition to at the time, the greatest use is decorative, fashion Langematik Tourbillon breitling replica sale , elegance, style, simplicity, there is a pressing vulgarity temperament.