Wednesday, July 18, 2018 || By Michael Romain || @maywoodnews
During a July 17 regular board meeting, Maywood Village Manager Willie Norfleet said that, due to a significant increase in the village’s equalized assessed value (EAV), the tax rate will drop sharply this year.
“The EAV received a 13.2 percent increase in its value over last year,” said Norfleet. “Because the levy [grew by] 3 percent, our tax rate will be reduced 9.4 percent. So that’s very good news for Maywood.”
That means that, for homes in Maywood valued at $100,000 and that experienced no assessor valuation increase, the tax bill could be approximately $600 less than the year before, Norfleet said, adding that the decrease doesn’t include any exemptions property owners may be eligible to receive.
The EAV is the approximate market value of properties in a given area adjusted by what’s called an equalization, which is a formula used to make sure that properties in Cook County and the state are taxed in a way that is somewhat uniform and fair across local governments.
Norfleet’s announcement was pleasant, if somewhat perplexing, news to Maywood resident Jill Lo Bianco Bartalis, who had come to the Tuesday board meeting to voice concerns about her tax bill.
“In 2012, my home was assessed at $135,000 and in 2017, it’s $128,000,” she said during public comment. “When [my home] was assessed higher, my taxes were $1,500 lower, because of [Maywood’s] local tax rate. Maywood has one of the highest local tax rates in all of Cook County, so it’s very exciting if it’s going down.”
Norfleet said that the recent increase in EAV, which is partly a reflection of the total cost of property values in the village, is a welcome shift from what has been a pattern of negative EAV over the years.
“From 2010 to 2011, the drop [in EAV] was 21 percent across the board in terms of residential, commercial and residential properties,” Norfleet said.
“Since that point, EAV has had a negative value except for 2014, when there was a reassessment and the increase was a little more than 4 percent. The following year, without a reassessment, the EAV dropped [by roughly] 8 percent.”
Norfleet said that the 2016 EAV was the first time outside of a reassessment year that the value increased, by around 3.6 percent.
“And now, we’re at 13.2 percent,” he said. “I can’t imagine how many years we have to go back to find that there’s been a more than 10 percent jump in EAV for Maywood. Most certainly, not in the last 15 years.”
Norfleet said that the 9.4 percent tax rate reduction applies to residential, commercial and industrial properties combined. He said that he’ll be able to offer more detailed rate information on those specific classes of properties soon.
He cautioned, however, that not all property owners will see big tax reductions.
“Some people’s properties are still being devalued while others’ property values are going up,” he said. “But if you hover above the [median property value], you’re going to get a reduction. If your EAV didn’t climb very high, that will represent some saving and a reduction in the amount of taxes you pay.”
According to Craig’s list, Norfleet said, the median home value in Maywood has increased by 24 percent over last year’s median value — going from $89,000 to $121,000. He added that residential properties are taxed at 10 percent of their market value.
“The fact that our property taxes are being decreased by this large percentage is huge and we should be shouting this in the streets,” said Maywood Trustee Antonio Sanchez during Tuesday’s board meeting. “This is a huge positive aspect in our lives.” VFP
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