“Property tax process can be confusing” plus 3 more |
- Property tax process can be confusing
- Property tax/rent rebate deadline extended
- Property tax bills to be sent by Tuesday
- Property tax to be levied on high-end residences
| Property tax process can be confusing Posted: 14 Jun 2010 03:35 AM PDT Property tax assessments often can be a complicated process to understand. While property values may drop, homeowners can't always expect their tax bills to do the same. Township assessors do not set the tax rates; they assess the value of properties. Higher property values mean lower tax rates are needed for the taxing body to receive its revenue increase. When property values decline, the tax rate goes up to generate enough revenue. To calculate a property's value, assessors must look at home sales for the previous three years. Assessments from 2010 include home sales from 2009, 2008 and 2007. So the effect of home values increasing or decreasing in one year is spread across three. Likewise, taxing bodies that rely on local property-tax revenues do not immediately lose the ability to bring in more taxes if the market tumbles. All of this is dependent on the legal tax rate limit from the state property "tax cap" law established in 1991. In a growing county, most taxing districts are below their legal maximum limit. As the county's tax base has expanded over the years, tax rates have been forced down by the cap. Townships are required to reassess each property only once every four years. On the off years, they apply an equalization factor to the previous year's assessments. If property owners think that their property is valued too high, they can appeal it. Assessment challenges have increased steadily over the past few years, according to information from the McHenry County Office of Assessments. According to the county assessment office's 2009 annual report, local assessments were distributed in the following manner: • 82.58 percent of assessments were residential. • 11.01 percent of assessments were commercial. • 3.68 percent of assessments were industrial. • 2.59 percent of assessments were farmland. • 0.14 percent of assessments were minerals, such as coal reserves. For information about the assessment process, visit the McHenry County Office of Assessments page at www.co.mchenry.il.us/departments/assessments. CommentsAdd CommentsThere are 38 hours, 6 minutes remaining to comment on this story. Click here to read the rules for posting commentsFive Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Property tax/rent rebate deadline extended Posted: 14 Jun 2010 01:15 PM PDT The deadline to apply for property tax/rent rebate for 2009 has been extended until Dec. 31, according to Rep. Curt Schroder. Those eligable for the state rebate could receive up to $650. The rebate is for seniors in the state who are age 65 or older, widows and widowers 50 years or older and those age 18 or older with disabilities. Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Property tax bills to be sent by Tuesday Posted: 13 Jun 2010 11:16 PM PDT " Dear 'Escrow' & 'You Need to Know': LaPorte County only send out 1 tax bill. If you have an escrow account, that means it will go to the Mortgage Company. That means the Taxpayer must be super-vigilant in contacting the Treasurer, Auditor and Assessor Offices to verify their information is correct. Have them fax these documents to you, or go to the offices and pick them up yourselves. Believe me, I've been there. I refinanced without an escrow account in order to receive my property tax bill directly from the county. Which cost me, the Taxpayer, $1500. I'm not saying the county is right by only sending 1 bill, I believe the county should send 1 bill to the Mortgage Company, and another to the Taxpayer. But LaPorte refuses to do this because it "saves money". Well, by the time they handle all the extra telephone calls, lawsuits and whatever, it would be MUCH cheaper to mail duplicates to ALL Taxpayers. That's how this whole property tax mess began: Carol McDaniel refused to mail out Form R-11 notices of increase in Assessment for 2006 pay 2007 because it would "save money". Then thousands of Taxpayers that were living their lives as normal, and not expecting their elected officials to so blatantly disenfranchise them, were shocked by bills that increased in excess of 800%. That's an increase of 8 times! Or worse (as if it could get any worse), they received notice months later via the Mortgage Company asking for an increase of deposit in their Escrow accounts. Since the Taxpayer only has 45-days to appeal any change of assessed valuation after notice via Form R-11, or tax bill, that meant these individuals were stripped of their right to the due diligence process, and right to appeal. Needless to say, that's what happens when you elect people without business experience, and who are friends or relatives with those hiring them, or those in other offices in government. Or who are community organizers, without executive experience. Again, I strongly urge you to: Call the Treasurer, Auditor, and Assessor Offices. " Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Property tax to be levied on high-end residences Posted: 12 Jun 2010 08:13 PM PDT Only plush and spacious high-end residences will be targeted by the planned property tax, now being studied by the regulators in Beijing, sources said. Families that own only one home with per-capita dwelling area less than 70 square meters will be left out by the new legislation. An official with the State Administration of Taxation said on Saturday that it has received from Shanghai and Chongqing, two provincial-level governments, draft proposals on a new tax to be levied on local properties. The two cities are pioneers in applying for property taxation. The official added that the ordinary people, who have only one home, "will not be affected" by the new tax. The taxation is now hotly debated in China, with online opinion polls showing roughly equal proportions of Chinese residents who either support or oppose the levy. On the stock market, real estate developer shares have sunk on the news as investors believe the new taxation will have a negative impact on housing sales, and cut into the developers' revenues. Property tax proposals submitted by Shanghai and Chongqing, are said to only target at high-end residences and owners who have more than one home, the Shanghai Securities Journal also reported on Saturday. Beijing is pinning hope on property taxation to discourage investors to hoard housing, which is believed to have helped a steep price rises in urban housing in 2009. People's Daily Online Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| You are subscribed to email updates from Yahoo! News Search Results for property tax To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 comments:
Post a Comment