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Assessor Fritz Kaegi upped the Arlington Heights property tax, before construction, six times its initial rate. Its implications? An additional $15 million a year on the property tax.
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Audio and summary
This assessment increase is proper in triennial year in Cook County. Triennial property reassessment is not a political decision, it is the law. Arlington Heights property owners who will be on the hook to subsidize Arlington TIF should be greatly relieved to have a proper assessment as “frozen base assessment” on the property prior to TIF enactment. If the property had retained its 3-year-old low assessment, this inflationary increase would simply accrue property tax windfall to private Bears development insiders. (Because TIF takes the moneys from property tax on “incremental” assessment increases. Over 35 years, inflation alone will increase most… Read more »
Correct. It’s like the Willis Tower whose TIF value is locked in at approx $400M but sold for $1.1B. Where do the taxes on the extra $700M go to other than a political slush fund. It does not go to pay for services like schools/police/etc. Does it actually go to blighted areas as a TIF is intended to do thus increasing the EAV then hopefully lowering the tax rate for everyone?
Blight is in the Eye of The Beholder (He can make the Gold Coast even Golder).
https://www.ilga.gov/legislation/ilcs/documents/006500050K11-74.4-3.htm
Thanks. Great info. Basically it can be used for anything except funding local taxing bodies.
This will be a stealth tax put on the ticket price. Taxpayers always end up the loser.