8 months ago on 03/15/2017 at 4:06 PM
20
Likes

3. 45% This is the compounding annual growth rate of the tax levy for the city of Park Ridge over the past 5 years! 3. 45% FOLKS! Not 70%. 3. 45% This is the ONLY number that a resident in Park Ridge should care about. The tax levy has gone from $17, 000, 000 to $20, 000, 000 in 5 years. See picture. The "tax rate" is a useless number in terms of actual dollars collected from residents, since it factors in Equalized Assessed Value (EAV) a factor that the City has no control over. This includes the Library's $1M Referendum increase in 2014, the increasing debt service on the Uptown TIF, aggressive pension funding, and basic COLA adjustments for our employees. All of the historical tax levy data to support this calculation can found here. http://www.parkridge.us/assets/1/Events/2016%20Property%20Tax%20Levy3.pdf

6 Comments:

8 months ago on 03/15/2017 at 4:20 PM

Perhaps his team of wealthy campaign backers can enroll Lukas in some classes at Mathnasium.

5 Likes
8 months ago on 03/15/2017 at 4:21 PM

Matt Coyne, as a former AP Calculus student at MSHS, I would have been able to figure this out, but I don't have my TI-85 calculator with me. I trust the calculator above did more than just add/subtract some annual numbers. Compounding makes things so much harder.

6 Likes

8 months ago on 03/15/2017 at 4:35 PM

So for those of us who aren't good at math. How much did this 3. 45% or (70+%) affect my taxes per thousand? I'm guessing that once I see the answer I will be diverting my anger at D64 and 207 for the real reason why our property taxes are slightly higher than they should be.

1 Likes
8 months ago on 03/15/2017 at 4:48 PM

FUN FACT --- If you take out the Library Referendum Increase, that nearly 60% of the voters approved, the NEW avg increase is just 2. 36%. let me repeat that. 2. 36%!

2 Likes
8 months ago on 03/15/2017 at 4:59 PM

Question, why is our tax bill even such an issue considering that our taxes have always been higher than Chicago or Franklin Park or some other surrounding towns that DO NOT have a school system such as ours? No one moved to Park Ridge expecting to live in a $350k home with a driveway and a backyard that can fit a trampoline and only pay $5k in taxes?!?!? Oh and the schools and parks . well those must be just free perks .

8 Likes

8 months ago on 03/15/2017 at 9:19 PM