According to Montgomery County Assessor Kendra Niehaus, the spike in property taxes is due to a 2007 state law that requires woodland tracts to be taxed like homes. Up until this year, the law wasn't correctly implemented in Montgomery County, so each tract of woodland must now pay a tax rate of 33.33% of its fair market value.
This reform won’t cause anybody to lose their home. In fact it will benefit homeowners since more of the tax is being paid by owners of woodland. While I’m unfamiliar with Montgomery County, I know that in Cook County some “farmland” is taxed at very low rates, discouraging its development for needed homes.
debtsor
1 year ago
I had no idea there was a state law that required woodland tracts to be taxed like homes. That’s completely insane. No wonder my neighbors own wooded land in Wisconsin and Indiana for recreation. That’s completely insane.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
This reform won’t cause anybody to lose their home. In fact it will benefit homeowners since more of the tax is being paid by owners of woodland. While I’m unfamiliar with Montgomery County, I know that in Cook County some “farmland” is taxed at very low rates, discouraging its development for needed homes.
I had no idea there was a state law that required woodland tracts to be taxed like homes. That’s completely insane. No wonder my neighbors own wooded land in Wisconsin and Indiana for recreation. That’s completely insane.