Residential or Commercial? |
Not sure if you noticed a common theme when the officials from the Village of Oak Lawn, Anthem Memory Care or Southwest Chicago Christian School refer to this proposed facility as being a residential development.
Will people live there? Yes, so that makes it residential. Sort of, maybe. |
Difference Between Residential and Commercial
(Source: http://www.differencebetween.com/difference-between-residential-and-vs-commercial/)
Difference between residential and commercial is very obvious. The words residential and commercial come from residence and commerce respectively. Hence, their difference is crystal clear to all. Residential refers to place that is used for purposes of living; commercial refers to a place that is used to gain profit, or conduct activities that are other than the simple purpose of living. However, there are many more subtle differences that people are not aware of, and this differentiation is used by authorities to tax properties differently whether it is stamp duty, electricity rates, or any other utility bill. |
Figures obtained from the fiscal impact analysis conducted for the proposed Anthem Memory Care development in the Village of Glenview reflect that once their "residential" memory care facility is operating at full capacity it is expected to generate an annual gross income of $6,132,000. Subtracting 40% for operating expenses would leave an annual net operating income of $3,679,200. (Source: see page 58 of http://glenview.granicus.com/MetaViewer.php?view_id=2&clip_id=1279&meta_id=57485)
I realize that the numbers are likely way more complicated than that, but I cannot think of any other residences near the proposed Oak Lawn location that are bringing in that kind of money.
I realize that the numbers are likely way more complicated than that, but I cannot think of any other residences near the proposed Oak Lawn location that are bringing in that kind of money.
The school and bus depot currently generate a grand total ZERO dollars in tax revenue for the various taxing districts that appear on the tax bills for the area. This proposed facility would definitely generate more tax revenue going forward, but the question remains how much and at what price to the community.
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 already being generated by the vacant commercial building that was already on the property. However, that 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 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 already being generated by the vacant commercial building that was already on the property. However, that 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)
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.
There are a lot of variables and unknowns, so until the tax bills are actually generated or residents go to try to sell their homes it is all pretty much speculation anyway. However, what some other nearby nursing care facilities have for an assessed value (EAV) and their property tax bill totals are known.
There are a lot of variables and unknowns, so until the tax bills are actually generated or residents go to try to sell their homes it is all pretty much speculation anyway. However, what some other nearby nursing care facilities have for an assessed value (EAV) and their property tax bill totals are known.
NOTE: The property tax bill total is divided up by all of the taxing districts listed on the bill.
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.
Southwest Chicago Christian School will not receive any property tax revenue generated by this facility since it is a privately funded and operated school. As a result, there is no guarantee that the funds received from their pending property sale to Anthem Memory Care ($1,375,000.00) will be sufficient to keep the school open indefinitely.
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.
Southwest Chicago Christian School will not receive any property tax revenue generated by this facility since it is a privately funded and operated school. As a result, there is no guarantee that the funds received from their pending property sale to Anthem Memory Care ($1,375,000.00) will be sufficient to keep the school open indefinitely.
The school and bus depot are also included in the list below for comparison... (Source: the Cook County Property Tax Portal System)