West Dundee will take tax question to voters
West Dundee voters will decide Nov. 4 the fate of a proposed real estate transfer tax aimed at offsetting anticipated budget shortfalls, village trustees decided this week.
The question will ask voters whether village should impose a new tax on the purchaser of a home or commercial property in West Dundee.
The tax would be set at $5 per $1,000 of the property's sale price, meaning the buyer of a $250,000 home would pay $1,250.
Village officials say the tax would recover part of the village's anticipated $350,000 budget shortfall created by dwindling sales tax revenue and development inactivity.
Over the last five years, village revenues from commercial and residential development have tumbled almost half a million dollars per year, said Village Manager Joe Cavallaro.
Cavallaro said general sales tax revenues also fell from a high of $3.5 million in 2002 to $2.92 million for the 2007-2008 fiscal year. If voters support the measure, village staff estimate the real estate transfer tax would generate about $200,000 annually.
My favorite reader comment:
posted by parts on Thu Sep 04, 2008 12:23 PM
This is my understanding of
this latest grasp at straws effort by our Village. This is the only tax that
they must take to the voters for approval. I feel that they have all intentions
of bringing those "user fees" such as trash collection, utility fees and other
such items our way in the near future. If they were able to pass this without
any input, it would have been done already. Anyone who votes for this should
really have their head examined. In this real estate market the seller will have
to eat this cost as well-- no buyer will agree to this. More taxes are right
around the corner so do not vote this in. The town is strapped for cash and they
will be doing anything they can to repair this huge hole of lost funds.
2 comments:
Hell NO!
I've had it. What is this rumor I hear now that Spring Hill is shutting down next year? A college branch is purchasing the property and moving in?
I'm feeling lied to right now if that is the case. Not only was the Walmart being approved and brought in to save us from needing to raise taxes, but it was going to bring "synergy" to Spring Hill Mall.
I had heard these whispers before, and now they are getting stronger... Just like the whispers of a Walmart a year ago. We need to remove this government and get some people in there that are willing to include the people in the decision making and stop them from making these back room deals!
What can I do to help?
To dispel my own knee jerk reaction to the college purchase deal - hear is a memo from ECC.
I still am not sure I trust it though, since the Walmart thing was just a rumor for some time as well.
Click on the url.
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