Property Values Decline in Plainfield, Will County - Government - Plainfield, IL Patch
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The decline can be attributed to the collapse of the housing market that started in 2008, resulting in a large number of foreclosures, a deflated demand for new housing, a drop in the amount for which houses were being sold and increased difficulty in getting mortgage financing.
For texas health school example, District 202 raised its tax rate from 4.86 cents per $100 of assessed valuation in 2010 to 5.27 cents per $100 assessed valuation in 2011. This would be applied to tax bills paid in 2012.
Someone's tax bill is also determined by the taxing districts in which their house is located. texas health school For example, texas health school while Joliet's fire and library expenses are included in the taxes that are paid to city, has independent and districts -- each of which sets their own tax rate. It's possible those two taxing bodies could set rates higher than what might have been paid were they included under a municipal government umbrella.
It's also possible there are taxing bodies whose district encompasses one part of town but not another. Two evenly texas health school matched houses next door to each other -- one in the district, and the other not -- could pay different texas health school amounts in taxes as a result.
Property owners should receive by mail a statement notifying them of their house's new assessed texas health school value next week. If someone wants to appeal their assessment with the county's board of review, they have until Sept. 10 to do so.
Julie Ferenzi August 03, 2012 at 02:30 PM I'm a Realtor in Plainfield, and I saw a huge increase in activity early in the summer. Mostly first time home-buyers or cash investors buying foreclosures and short sales. The amount of lis pendens (default notices) to homeowners in Plainfield have remained steady based on weekly public records so it's a problem that is not going away anytime soon. The high taxes on low valued property is a turn off for a lot of buyers, but I imagine that it's happening all over. For a buyer with an FHA loan that has to escrow their taxes, the mortgage payment is really affected by the amount of taxes that are included in each months statement.
Kristine Neumann August 03, 2012 at 04:25 PM You don't have to tell me that because the value of my home has decreased does not mean my property taxes will decline. My taxes went up over $500! While everyone is cutting back, it seems the villiage & schools don't know the meaning of spending less. Where does it all end?
silentrippy August 03, 2012 at 04:34 PM The Village just raised gas and sales tax on July 1st. Increasing taxes means more spending. How about more cutting? Yet we don't hear about the Village cutting back at all. For the so called republican base around in plainfield they sure know how to spend. And next for the school district, did you know the school district gave Diageo a $180,000 property tax break on their recent expansion? Then they voted this year to spend an additional $322,000 on administrator salaries to stay competetive according to Roger Bonuchi and they're still 8 million in the whole. A shift of pensions to the school district 202 and watch your property tax bill go even higher. Watch out!
Jimmy August 03, 2012 at 05:24 PM Sure wish this article included Wheatland Township property values in Plainfield. Wheatland blew up just before the housing bust with many new homes. Those homes were hit the hardest when it comes to property value loss, yet they pay as if their homes had not lost a dime in value. It's absurd and it's fleecing of the property owners.
silentrippy August 03, 2012 at 11:35 PM I stand corrected....Diageo was given a 50% tax abatement from 202 for 5 years of their assessed value. Obviously they do Nick. http://plainfield.patch.com/articles/diageo-plans-22m-expansion-with-help-from-district-202-tax-abatement
Tim August 04, 2012 at 12:17 AM This is a misleading and incorrect headline. But then I look at who is on the byline, and it makes perfect sense. Can you please go back to the Joliet Patch where nobody will read your poorly written, and factually incorrect 'articles'? Property values(seasonally adjusted) actually rose on a month over month basis, and are to turn positive on a year over year basis in the 4th quarter of this year.. texas health school Assessments are what fell, not values like this headline claims. http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us---- texas health school Assessments, on the other hand, are calculated using a running average over a period texas health school of years(3yrs I believe in this area). While the back end of this range still shows a decrease, the most recent end will be showing an increase in value. But because this is a multi-year average, it is still 'falling'. If you are going to report texas health school on things, PLEASE at least make sure it is accurate. Spend more than the time it tak
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Next Previous texas health school Slideshow Download
The decline can be attributed to the collapse of the housing market that started in 2008, resulting in a large number of foreclosures, a deflated demand for new housing, a drop in the amount for which houses were being sold and increased difficulty in getting mortgage financing.
For texas health school example, District 202 raised its tax rate from 4.86 cents per $100 of assessed valuation in 2010 to 5.27 cents per $100 assessed valuation in 2011. This would be applied to tax bills paid in 2012.
Someone's tax bill is also determined by the taxing districts in which their house is located. texas health school For example, texas health school while Joliet's fire and library expenses are included in the taxes that are paid to city, has independent and districts -- each of which sets their own tax rate. It's possible those two taxing bodies could set rates higher than what might have been paid were they included under a municipal government umbrella.
It's also possible there are taxing bodies whose district encompasses one part of town but not another. Two evenly texas health school matched houses next door to each other -- one in the district, and the other not -- could pay different texas health school amounts in taxes as a result.
Property owners should receive by mail a statement notifying them of their house's new assessed texas health school value next week. If someone wants to appeal their assessment with the county's board of review, they have until Sept. 10 to do so.
Julie Ferenzi August 03, 2012 at 02:30 PM I'm a Realtor in Plainfield, and I saw a huge increase in activity early in the summer. Mostly first time home-buyers or cash investors buying foreclosures and short sales. The amount of lis pendens (default notices) to homeowners in Plainfield have remained steady based on weekly public records so it's a problem that is not going away anytime soon. The high taxes on low valued property is a turn off for a lot of buyers, but I imagine that it's happening all over. For a buyer with an FHA loan that has to escrow their taxes, the mortgage payment is really affected by the amount of taxes that are included in each months statement.
Kristine Neumann August 03, 2012 at 04:25 PM You don't have to tell me that because the value of my home has decreased does not mean my property taxes will decline. My taxes went up over $500! While everyone is cutting back, it seems the villiage & schools don't know the meaning of spending less. Where does it all end?
silentrippy August 03, 2012 at 04:34 PM The Village just raised gas and sales tax on July 1st. Increasing taxes means more spending. How about more cutting? Yet we don't hear about the Village cutting back at all. For the so called republican base around in plainfield they sure know how to spend. And next for the school district, did you know the school district gave Diageo a $180,000 property tax break on their recent expansion? Then they voted this year to spend an additional $322,000 on administrator salaries to stay competetive according to Roger Bonuchi and they're still 8 million in the whole. A shift of pensions to the school district 202 and watch your property tax bill go even higher. Watch out!
Jimmy August 03, 2012 at 05:24 PM Sure wish this article included Wheatland Township property values in Plainfield. Wheatland blew up just before the housing bust with many new homes. Those homes were hit the hardest when it comes to property value loss, yet they pay as if their homes had not lost a dime in value. It's absurd and it's fleecing of the property owners.
silentrippy August 03, 2012 at 11:35 PM I stand corrected....Diageo was given a 50% tax abatement from 202 for 5 years of their assessed value. Obviously they do Nick. http://plainfield.patch.com/articles/diageo-plans-22m-expansion-with-help-from-district-202-tax-abatement
Tim August 04, 2012 at 12:17 AM This is a misleading and incorrect headline. But then I look at who is on the byline, and it makes perfect sense. Can you please go back to the Joliet Patch where nobody will read your poorly written, and factually incorrect 'articles'? Property values(seasonally adjusted) actually rose on a month over month basis, and are to turn positive on a year over year basis in the 4th quarter of this year.. texas health school Assessments are what fell, not values like this headline claims. http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us---- texas health school Assessments, on the other hand, are calculated using a running average over a period texas health school of years(3yrs I believe in this area). While the back end of this range still shows a decrease, the most recent end will be showing an increase in value. But because this is a multi-year average, it is still 'falling'. If you are going to report texas health school on things, PLEASE at least make sure it is accurate. Spend more than the time it tak
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