Another tax cycle is coming to an end with the 2005 tax bills going out in the beginning of May and the first installment having been due on June 6, 2006.  The following is a list of some tax rate changes that may have been seen in various municipalities.

A)         Home Rule Municipalities – This means that the municipality is not subject to the tax cap, which is 3.3%.

1.  Barrington Hills- The rate decreased by 7.4%.

2.  Lake Barrington- The rate increased by 1.1%.

B)      Districts with rate increases due to Referendum having been passed by constituents.

1.  Lake Zurich Fire Protection District - Increased 37.7%.

2.  Village of Tower Lakes -Increased 12.5%.

C)       New “Limited Tax Bond” Issues – Non-Referendum

1.  Barrington Park District - Increased 3.7%.

D)       New Special Service Areas (SSA’s).

        1.   Fox River Grove – Talon Subdivision (office condo’s on Rt. 22).

        2.   North Barrington #13 – No 2005 tax levied.

Now, having explained the various changes to the tax bills, I will try to explain what changes you may see in your assessments for 2006.  The county has reported that Cuba Township is slated for a 7.61% equalization factor this year, which means that if all things stayed the same, each property would go up 7.61%.   This is based on a 3-year sales ratio study conducted by the Department of Revenue and the Lake County Supervisor of Assessments.  This factor shows that, as a whole, Cuba Township properties are 7.61% low.  I have researched various scenarios and have found 2 contributing factors that stand out above the rest:

        A.   The condos in Cuba Township as a whole are valued lower than the market shows.

        B.   Land in Cuba Township is valued much lower than the market shows.

In order to get these assessments to 1/3 of their fair market value we will  a) review the condo’s accordingly (per condo subdivision based on the sales in those subdivisions (i.e. Lake Barrington Shores, Shorley Woods, Port Barrington are each individual subdivisions), and b) increase the land only values throughout the Township.  This will adjust the assessments so they are in line with the market.  

 

The books will be closed as early as possible this year, (late July, early August) to allow for more time for appointments in our offices, once the blue Assessment Cards go out to all property owners.  If an agreement can be reached in these local meetings, the trip to Waukegan/Board of Review for hearings can be avoided, saving us all time.

 

Please feel free to contact my office when the blue cards arrive and the information has been published in the Courier to make an appointment with us here at Cuba Township.  Please do not contact us before that time, as we will be unable to facilitate any changes until the blue cards are mailed.

 

Please keep in mind that the tax rates in Cuba Township are much lower than in most of the remaining Townships in Lake County.  The average tax rate for Cuba Township unincorporated and municipalities is 5.5-6.5% while tax rates in other parts of Lake County can be as high as 10%.

 

Exemptions

Please make sure you check you tax bills to ascertain whether you are getting the exemptions you are entitled to, such as:

1 – General Homestead Exemption Limited of $5,000.00 – Applies only if this is your principle residence.

2 – Senior Homestead – Applies to the year you turn 65.  $5,000 for 2005 and $3,500 for 2006.  This will be reflected on the next tax bill.  For example if you turned 65 on April 1, 2006 if applied for, the exemption will be taken into account on the 2006 tax bill payable in 2007.

3 – Homestead Improvement - $25,000 assessed value or $75,000 market value.

Assessor, REBECCA M. TONIGAN