Property Tax
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The school and bus depot currently generate a grand total ZERO dollars in property tax revenue for the various taxing districts that appear on the tax bills for the area. This proposed facility would definitely generate more property tax revenue going forward, but the question remains how much and at what price to the community.
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Estimate from Mayor Bury
During the meeting Mayor Bury offered this estimate for the property tax revenue that will be generated by the proposed facility. Her estimation and explanation can be heard around the 1:19:25 mark of the audio recording posted on YouTube.
(Source: https://www.youtube.com/watch?v=KS-529I80NE&feature=youtu.be)
(Source: https://www.youtube.com/watch?v=KS-529I80NE&feature=youtu.be)
Source of the estimate?
An attempt to obtain documentation validating the estimate provided by Mayor Bury was made by filing a FOIA request with the Village of Oak Lawn. The completed FOIA request shown below reports that no such documents exist, so it is quite possible that the estimated property tax revenue figure provided by Mayor Bury may not be factual or accurate.
Has a fiscal analysis been conducted?
Outside of this verbal estimate, no financial property tax revenue numbers have been officially released for the proposed Oak Lawn facility yet. Questions asking which tax breaks or incentives have been requested by or given to Anthem Memory Care have gone unanswered. Effects of this proposed development on property values (for tax bill purposes as well as resale) in the neighborhood been deflected with residents directed to contact the township and county assessors.
Why ask for a fiscal analysis?
The fiscal impact analysis conducted for the proposed Anthem Memory Care development in the Village of Glenview provided the financial estimates resulting from two separate studies. One study apparently failed to account for the property tax revenue that was being generated by the vacant commercial building that was already on the property. However, that zero-basis approach actually fits the scenario that would occur in the Village of Oak Lawn due to the current tax-exempt status of the school and its bus depot.
The separate studies also used different methodologies to determine the equalized assessed value (EAV) of the property, which in turn resulted in differing property tax revenue amounts.
And finally, the second study attempts to point out how the first study possibly has somewhat inflated numbers.
Either way, it is an interesting read if you want to check it out...
(Source: see pages 35-74 of http://glenview.granicus.com/MetaViewer.php?view_id=2&clip_id=1279&meta_id=57485)
The separate studies also used different methodologies to determine the equalized assessed value (EAV) of the property, which in turn resulted in differing property tax revenue amounts.
And finally, the second study attempts to point out how the first study possibly has somewhat inflated numbers.
Either way, it is an interesting read if you want to check it out...
(Source: see pages 35-74 of http://glenview.granicus.com/MetaViewer.php?view_id=2&clip_id=1279&meta_id=57485)
Estimated Tax Bill
One can reverse-engineering the property tax revenue estimate provided by Mayor Bury ($300,000 per year) to see exactly what each taxing district would get. These are the results obtained using 2014 tax rates and percentages off an actual property tax bill for a house in the area. The same calculations would apply to the proposed facility as long as the taxing districts are identical on their bill.
The equalized assessed value (EAV) of the proposed facility will ultimately determine how accurate the estimate that Mayor Bury provided actually is. The question remains, has anyone bothered to attempt to determine that figure in advance?
Assuming the $300,000 property tax bill is an accurate estimation, exactly how far can the Village of Oak Lawn stretch that additional $33,570 of property tax revenue?
The equalized assessed value (EAV) of the proposed facility will ultimately determine how accurate the estimate that Mayor Bury provided actually is. The question remains, has anyone bothered to attempt to determine that figure in advance?
Assuming the $300,000 property tax bill is an accurate estimation, exactly how far can the Village of Oak Lawn stretch that additional $33,570 of property tax revenue?
NOTE: Only the property tax revenue shares distributed to the taxing districts that include every single tax parcel in the village (i.e., the Village of Oak Lawn, Oak Lawn Park District, etc.) could be argued to benefit the ENTIRE village. Only in that sense does this proposed development affect everyone in the village. It is important to note that scenario holds true as long as the proposed facility is built anywhere within the village limits.
However, only the village residents that live within Ridgeland School District 122 (north of 103rd Street and west of Central Avenue) and Community High School District 218 (south of 99th Street) would see their public schools receive a distribution of any property tax revenue generated by this proposed facility.
If you happen to live in the village but another elementary or high school district is listed on your tax bill, your public schools WILL NOT receive any property tax revenue generated by this proposed facility.
However, only the village residents that live within Ridgeland School District 122 (north of 103rd Street and west of Central Avenue) and Community High School District 218 (south of 99th Street) would see their public schools receive a distribution of any property tax revenue generated by this proposed facility.
If you happen to live in the village but another elementary or high school district is listed on your tax bill, your public schools WILL NOT receive any property tax revenue generated by this proposed facility.