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:
