State Representative Allen Skillicorn 66th District The Tax Cycle - PowerPoint PPT Presentation

"How Property Taxes Are Derived & Why They Are So High In Illinois"? October 10, 2019 Presented by Warren Dixon Naperville Township Assessor State Representative Allen Skillicorn 66th District

The Tax Cycle  In Counties outside Cook and St Clair:  State Legislature makes the laws;  Each Taxing Body sets its own levy;  Township Assessors develop values;  County Supervisor of Assessments equalizes values;  County Board of Review hears and acts on assessment complaints;  County Clerk receives and revises tax levies, and develops tax rates; and  County Treasurer sends out the bills.

Who are the key players in the Assessment/Valuation Process?  Local Township or Multi-Township Assessor  County Assessors (Cook and St Clair County)  Supervisor of Assessments  Local Board of Review  PTAB Property Tax Appeal Board

Developing Tax Rates Levy Notice Certify Tentative Notice Approve & Levy to budget & Budget Hearing Clerk Hearing Tax Levies ( what governments spend ) Treasurer Clerk Tax Rates ( where they meet): Calculates Sends (Billable EAV ÷ Tax Levy ) Tax Rates Tax Bills Assessed Values ( how spending is divided up ) SOA Township Certify BOR Change Assessor Values Review/ Notices Hearing Values to Clerk Equalize

Where do taxes go? Forest Preserve, 2.00% Townships, County, 2.52% 1.66% Cities, 9.84% Parks, 5.14% Fire and Others, 5.64% Schools, 73.20%

What are the two largest impacting factors in Property Tax Bills?  1. TAX BASE – “It’s all about the base”  2. Public Education Funding

Commercial Assessed Values in the Loop in Relation to Market Level %FMV Tax % of PIN Address 2014 EAV 2014 Est. FMV 2013 Taxes Sale Date Sale Price Assmnt Est. SP 17-16-216-009 233 S. Wacker Dr., Chicago* 133,730,325 25% $534,921,300 $25,291,859 3/15 $1,300,000,000 41% 1.95% 17-09-405-004 17- 300 N. LaSalle St., Chicago 09-405-008 90,000,000 25% $360,000,000 $14,549,975 7/14 $850,000,000 42% 1.71% 17-09-408-012 353 N. Clark St., Chicago to 17-09-408-016 65,207,291 25% $260,829,164 $11,859,555 12/14 $715,000,000 36% 1.66% 17-16-208-006 311 W. Monroe St., Chicago 3,162,637 25% $12,650,548 $575,204 11/14 $58,000,000 22% 0.99% 17-16-227-024 17- 311 S. Wacker Dr., Chicago 16-227-025 7,998,458 25% $31,993,832 $1,454,717 3/14 $302,000,000 11% 0.48% 17-09-445-007 to 17-09-445-009 30 N. LaSalle St., Chicago 17-09-457-009 15,617,347 25% $62,469,388 $2,846,266 6/14 $237,500,000 26% 1.20% 17-16-212,009-011 55 W. Monroe St., Chicago 22,937,497 25% $91,749,988 $3,461,014 9/14 $243,250,000 38% 1.42% 17-09-342-002-005 500 W. Madison St., Chicago 57,044,892 25% $228,179,568 $10,375,007 12/13 $425,000,000 54% 2.44% 17-09-462-015 70 W. Madison., Chicago 66,812,500 25% $267,250,000 $12,151,502 8/14 $374,600,000 71% 3.24% 17-16-115-003-6001 17- 16-115-003-6031 17-16- 222 S. Riverside, Chicago 115-004-6001 17-17-110- 059 35,848,845 25% $143,395,380 $6,519,997 12/14 $247,000,000 58% 2.64% 17-09-442-001 101 N. Wacker Dr., Chicago 15,906,713 25% $63,626,852 $2,893,028 8/14 $210,000,000 30% 1.38% 17-16-202-013 230 W. Monroe St., Chicago 17-16-202-014 18,720,524 25% $74,882,096 $1,788,558 7/14 $122,000,000 61% 1.47%

Willis/Sears Tower sales in 03/2015 for $1.3 Billion and is only valued today at $580 million (45% of Sale Price).

300 N. LaSalle Street sales in 07/2014 for $850 Million and is only valued today at $392 million (46% of Sale Price).

353 N. Clark Street sales in 12/2014 for $715 Million and is only valued today at $306 million (43% of Sale Price).

ProPublica’s Jason Grotto

What are the two largest impacting factors in Property Tax Bills?  1. TAX BASE – “It’s all about the base”  2. Public Education Funding

Other Items for Discussion  TIF (Tax Increment Financing) Impacts  Technology Advancements In Mass Appraisal  Statewide Difference in Assessment Process  Current Bills Related to Property Assessment

Cook County Annual Assessment Appeals

Questions and Discussion