12-20-11
Local property taxes continue to go up and up unimpeded by home price declines, foreclosures and vacancies driving area home affordability down!
A recent Journal editorial mentioned that estimates from CNBC indicate as many as one of every 11 housing units in the U.S. is vacant and people are moving in with family members because they can no-longer afford their own place.
Locally there is a continuing flow of bank foreclosures. There are hundreds of homes for sale in the area with no buyers even though property values have dropped as recent property tax assessment notices have indicated, yet 2011 property tax bills payable 2012 will be up yet again for most property owners. Generally speaking since most property assessments have gone down the main effect will be higher rates, not lower tax bills. The reason is almost all local taxing bodies pass property tax increases annually, taking the position they get a raise no matter what is going on in the economy. Most report their increases accurately but sadly some don’t, choosing instead to sidestep the spirit and intent of the Truth in Taxation law. Thankfully, we are a Tax Cap County or the annual increases would be even higher.
The Village of Manteno, Manteno School District, Bourbonnais Township Park District, Kankakee Valley Park District, Kankakee County and the Bourbonnais Fire District are examples of local taxing bodies who choose to sidestep the spirit and intent of the Truth in Taxation law by not accurately reporting their requested annual property tax increase.
Until we elect people in office who will end the mentality of entitlement to a raise in property taxes annually no matter what, home vacancies and foreclosures will continue to rise because home affordability will continue to decline.