May 8th Tax Levies….do you know what they will cost you?

We are starting to see lots of advertising for the upcoming May 8th election.  We are always curious why not one elected official, or any bureaucrat, will take the time to summarize for the citizens of Lake County what it will cost them if ALL the levies pass.

We have taken the time to detail for everyone what each levy will cost them.  We also have created a spreadsheet that will tell you what the estimated cost will be based on the value of your home.  The last spreadsheet shows the tax increases by taxing districts based on a $100,000 home valuation.  Our worksheets have been checked and approved by the Lake County Auditor’s Office.

Here is the summary of the tax issues on the ballot:
Summary of May 8th Tax Levies

Here is summary by home valuation: $100,000 – $1,000,000:
Summary of Tax Levies by Tax Dist & Home Value

Here is a summary by taxing district:
Summary of Tax Levies by Taxing District

Please remember the Housing Affordability Threshold %  that we have been trying to warn everyone about.  When you find your taxing district and your approximate home valuation, then you will have to divide that number by .3 to determine the real cost of the tax levies for you.   Each tax levy that passes will eat into your HAT % unless you are able to increase your annual income by the amount calculated by dividing the actual tax increase by .3……..hope this is clear.

For example, if the tax levies pass and they cost you out of pocket $100.00 per year, when you divide $100.00 by .3 you get $333.33.  That is the amount of increase in your annual income that you need to cover your housing affordability threshold.  If you cannot cover that, then you are getting that much closer to being priced out of your home. (Comment: That is the deception they will not tell you about)



Categories: Tax Levies

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