Assessor Slashes 2013 Taxable Value of Lisle Hotels

The 2013 average assessed value of ALL property in Lisle Township was lowered by about 3.75% by the township assessor (before appeals). However, Lisle Watchdog has recently learned that the 2013 average assessed value (EAV) of Lisle's three  hotels on the corporate corridor - the Hilton, Hyatt, and Wyndham (now Sheridan)  - was slashed nearly 9.3%, in just one year.  

As will be shown in detail below, this year's drop in the assessed value of Lisle hotels primarily due to a significant drop in assessed value of the Lisle Hilton.

Specifically, the cut in assessed value breaks down as follows:

Lisle Hilton  Cut 17.47%

                2013 EAV  = $ 3,794,300    Fair Market Value = $ 11,382,900

                2012 EAV  = $ 4,597,440    Fair Market Value = $ 13,792,320

Lisle Hyatt  Cut 3.75%

                2013 EAV  = $ 3,528,810    Fair Market Value = $ 10,586,430

                2012 EAV  = $ 3,666,300    Fair Market Value = $ 10,998,900

Lisle Wyndham Cut 3.75%

                2013 EAV  = $ 2,999,300    Fair Market Value = $ 8,997,900

                2012 EAV  = $ 3,116,150    Fair Market Value = $ 9,348,450

TOTAL  (Hilton + Hyatt + Wyndham)

                2013 EAV  = $ 10,322,410  Fair Market Value = $ 30,967,230

                2012 EAV  = $ 11,322,890  Fair Market Value = $ 34,139,670

The 2013 total combined fair market value total of the three hotels is 33% less  - loss of $15,353,040 -  compared to the 2008 value. 

On average, the 2013 assessed value of single family residential properties is about 16% lower than in 2008.  

The net result is a shift in the property tax burden from commercial properties to residential properties. Even in years with a flat tax levy, home owners can expect to pay more as commercial property owners pay less.  

Numbers are still subject to change pending appeals before the DuPage County Board of Review. Final numbers are released in Spring 2014.

Sources: 

Lisle Township Assessor

DuPage County Treasurer