This study on Newton Illinois Property tax rates* compares the inflation in
property taxes to inflation in other areas.
This study compares taxes payable in 2005 to taxes payable in 2015. This
study was done on a specific parcel that was untouched in the 10 year period.
I found in that period that:
The "Fair Cash Value" increased by 13.9%
The "tax rate" increased from $1.6589 to $2.1014 per $100 or 26.67%
The "tax bill" increased by 43.77%
The "tax bill" increased 3.14 times or 314% of the amount that the
"fair cash value" increased. 43.77% Vs 13.9% WOW
That is a sure sign that the property taxes are out of control.
Social Security cola increases for the same period totaled 27.83%**
The Illinois Minimum wage increased by 26.92% $6.25 to $8.25
The Consumer Price Index increased by 26.32%(compounded)
**Social Security Cost of Living Increases by year.
2005 2.70%
2006 4.10%
2007 3.30%
2008 2.30%
2009 5.80%
2010 0.00%
2011 0.00%
2012 3.60%
2013 1.70%
2014 1.50%
Total 25.00% compounded 27.83%
*This study includes the city of Newton's portion of the property tax bill only.
Tax bill: the amount that you owe the taxing body
Tax rate: the amount per $100 of assessed value