DuPage Property Values Down, But Taxes Won’t Be Cut
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WHEATON, Ill. (CBS) — Residential property assessments are down as much as almost 10 percent in DuPage County.
As WBBM Newsradio’s Bernie Tafoya reports, even though property values in DuPage County are assessed lower by an average of nearly 7 percent, don’t get the impression that your taxes are going down.
LISTEN: WBBM Newsradio’s Bernie Tafoya reports
The Daily Herald reports assessments are down about 5.6 percent on the low end in Lisle and Naperville townships, and down 9.8 percent on the high end in Addison Township.
But since school districts and towns still need the same or more money to operate than they did last year, your taxes in DuPage County will not be going down, the Daily Herald reports.
Taxing bodies just need to increase the tax rate to take in what they need.
But there are limits. A state-imposed cap enacted in 1991 limits the amount any taxing bodies can increase the levy to either 5 percent or the rate of inflation, whichever is lower, the Daily Herald reports.
One expert tells the Daily Herald you can expect property values to go down next year too.