[ATTN: chet everett] DuPage property values drop 6 percent (Naperville: condos, townhomes)

[Ophidian14]

For the first time in 40 years, the overall value of property in DuPage County has dropped — and by almost 6 percent, a reflection of a housing market that has plummeted in the past few years.

“This is the first time in modern-day history that the county’s assessed valuation decreased in a year,” County Clerk Gary King announced Tuesday. “We’ve been on an uphill climb from the beginning, growing like crazy." Mod Cut

DuPage property values drop 6 percent - DailyHerald.com

[chet everett]

Why should I care?

I am quite sure that the total pool of valuations that the County Clerk is refering to includes MANY offfice, industrial, retail and even raw land parcel where the saavy commmercial owners have used this as rare opportunity to get values reset...

If that 6% number includes the many overbuilt condos and townhomes that I know have dropped by double-digit percentages I imagine there are also a fair number of INCREASED values to offset these...

Does the OP doubt that?

[whakru]

All I know is that I doubt that this will translate into lower property taxes for me even though the assessed value has dropped significantly.

[cubssoxfan]

Originally Posted by whakru

All I know is that I doubt that this will translate into lower property taxes for me even though the assessed value has dropped significantly.

Because the schools, local government, police & fire, road maintenance still need a finite number of dollars to operate. So although you assesed value is lower, the local taxing entities will raise the tax rate to keep the services going.

[Vlajos]

Originally Posted by cubssoxfan

Because the schools, local government, police & fire, road maintenance still need a finite number of dollars to operate. So although you assesed value is lower, the local taxing entities will raise the tax rate to keep the services going.

Yep

[Nodpete]

For sure, those teachers deserve that 7 % increase every year regardless how the economy is. It's only fair ! Remember, it's FOR THE CHILDREN !

[Vlajos]

Our teachers don't get 7% raises every year. I see you live in Naperville, that might be the problem ; )

[Gunner0325]

Originally Posted by Nodpete

For sure, those teachers deserve that 7 % increase every year regardless how the economy is. It's only fair ! Remember, it's FOR THE CHILDREN !

My wife is a teacher and she sure as s**t doesn't get a 7% pay increase a year. I love when people rag on teachers and how they get paid when they themselves could have become a teacher if they wanted

[cubssoxfan]

Originally Posted by Nodpete

For sure, those teachers deserve that 7 % increase every year regardless how the economy is. It's only fair ! Remember, it's FOR THE CHILDREN !

Hmmm, our teachers took a pay freeze to help balance our budget and to keep fellow teachers from getting fired.
Or maybe we should make teachers underpaid so that the best and brightest have NO interest in entering or continuing in the field!! Why aren't people complaining about the obscene amounts of money most Fortune 1000 executives make.
I'm not saying an automatic 7% is fair, but neither is the seemingly knee-jerk reaction that budget deficits are the result of teachers getting overpaid!!

[Vlajos]

Originally Posted by cubssoxfan

Hmmm, our teachers took a pay freeze to help balance our budget and to keep fellow teachers from getting fired.
Or maybe we should make teachers underpaid so that the best and brightest have NO interest in entering or continuing in the field!! Why aren't people complaining about the obscene amounts of money most Fortune 1000 executives make.
I'm not saying an automatic 7% is fair, but neither is the seemingly knee-jerk reaction that budget deficits are the result of teachers getting overpaid!!

Thank you