The CEO of Chicago Public Schools says they want to an additional raise $43 million with property taxes, but it will only cost the average Joe eighteen bucks.
Mr. Huberman has to go back to math class.
In 2007 the Mayor said his $83 million tax increase would cost the owner of a $250,000 home about $60.
Now Mr. Huberman says a $43 million tax increase would cost the owner of a $262,000 home about $18.
These numbers don't add up.
To be fair, Mr. Huberman probably didn't do the math himself. I am sure he just repeated the the numbers given to him by the City of Chicago Department of Obfuscation.
Illinois State Law requires requires that the assessed value of the property in any county equal 33% of its market value.
Most counties deal with this by assessing everything at 33%.
Cook County using a sliding scale for different types of properties. This scale doesn't average out to 33%, so each year the state checks the numbers and comes up with a multiplier that brings the average up to where it is supposed to be.
This multiplier times the total assessed value of a city (its Equalized Assessed Valuation or EAV) determines the pool their levy is spread over. This multiplier times your property assessment determines what share of that levy you have to pony up.
According to the County Clerk's '07 data, the total Equalized assessed value of all the property in Chicago was $73,645,000,000. The CPS' $43,000,000 spread over that equals $.000585 per dollar of EAV. A $260,000 property has an EAV of $111,000 after assessment, equalization and homeowner exemption.
That works out to a $65 increase, not $18.
The Mayor's 2007 projection was full of bologna as well. That increase worked out to $128 not $60.
The Olympics, even if held to the $500 million liability limit, will cost the average Joe $754. For that much, you would think they would give us all free tickets.
Paul K. Dickman
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment