Monday, May 14, 2012

Boone County Real Estate Tax Bill Highlights


Tax year 2011, payable 2012

By Curtis P. Newport, Boone County Treasurer

Total real estate taxes billed for all districts in Boone County dropped about 0.76%, from $86,611,375 last year to $85,952,738 this year.

· The drop was largely due to a reduction in some bond levies from Belvidere School District 100. The total tax extension for School District 100 declined by $931,557.

· Other districts with significant decreases in their total extension include Rock Valley College (down $499,757), the City of Belvidere (down $185,658 including all TIFs and special service areas), the Village of Capron (down $92,865) and Belvidere Township (down $32,335 including the township road district).

· Other districts with reduced extensions include the Village of Poplar Grove, Hiawatha School District 426, the Boone County Historical Museum, Kishwaukee College, Bonus Township, the Spring Township Road District, Kinnikinnick School District 131 and Hononegah School District 207.

Lack of real estate development in the county continues to limit total property tax extensions under the tax cap law. Only $11,347,219 (less than 1% of the county’s total assessment) was assessed for the first time in 2011.

Total assessed value for the county dropped 9.3%, from $1,272,966,717 in 2010 to $1,154,154,597 in 2011. However, the changes vary greatly according to property class. Farm land assessments are up 7% while residential property is down 10.7%. This is the fourth consecutive year that farm land assessments have risen significantly, while other assessments have dropped for three straight years. Over time, this results in a shift in the tax burden. Homeowners are paying a lower percentage of the total county tax bill, while farm land owners are paying significantly more.

2011 was a quadrennial reassessment year, and the changes in residential property assessments vary significantly throughout the county. Because of market influences, some neighborhoods dropped as much as 20% while other neighborhoods barely changed.

Tax rates tend to change inversely with assessments. As property values drop, rates tend to increase. Overall, tax rates are higher this year because of the lower assessed values, but some taxing districts lowered their levies enough to result in lower tax rates.

Senior citizens who have had the Senior Citizens Assessment Freeze for many years will likely see higher tax bills, since their taxable value remains frozen while the tax rates have increased.

Generally speaking, taxpayers whose assessment dropped 10% or more are likely to see lower tax bills this year, especially if that property is located in School District 100. Those whose assessments dropped 9% or less will likely see higher tax bills, especially if they live outside of School District 100. There are many factors that influence individual tax bills.

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