Good News About Real Estate Taxes

One of the most encouraging pieces of news that came out at the last village board meeting is that our overall property values (EAV – Equalized Assessed Value) for all properties within the Village of Crete have actually increased by almost $4.5M in the last calendar year.  This number converts to a real value increase of $13.5 million.  After six years of declining values it appears that we have turned the corner and we are on the way up, which is great news.  I am optimistic that the home rehab activity will continue, which should lead us even higher.  And as homeowners, taking care of our property is one of the basic essentials that we can all do to maintain our property values.  Committing to doing your share would be a great belated New Year’s resolution.

As a result of this modest increase in EAV it has also provided one additional benefit and that is a reduction in our tax rate by roughly 4.6 cents per $100 of EAV.  For all intent and purposes the Village will actually receive basically the same amount of real estate tax dollars this year as it did last year.  By law we could only receive seven tenths of one percent in new money, which amounts to about $19,000.00 out of a total tax amount of just over $2.5 million dollars.  Real estate taxes amount to less than 20% of the funds we collect to operate the Village.  As you can see, other forms of revenue make up the lion’s share of our revenue.  This is why shopping locally helps support your community.

As we move into the final days and hours before the election, I would like to reiterate to all that I am always available by phone to address your questions and concerns.  Just call the main village number 708-672-5431, and choose extension 130.  Leave a message for me and I will return the call as soon possible.  The message will be immediately sent to my phone via email.  Please make sure that you take time on Tuesday to go to the polls and vote.  I hope I have earned your support and look forward to working with you to make Crete a better place to live, work, and play.

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