Thursday, May 7, 2015

Property Tax Burden Shifts to Residential Owners in Lisle


The property tax burden in the Village of Lisle has shifted significantly since 2001 when Joe Broda was first elected Mayor.

Back in 2001, residential property owners carried 51% of the total property tax burden and commercial and industrial property owners carried 49% of the tax burden. 

In 2013, residential property owners carried 62% of the total property tax burden in the Village while commercial and industrial property owners only carried 38% of the tax burden. 

This overall 22% shift in the property tax burden to residential property owners is due to both a reduction in the total assessed valuation for commercial and industrial property and an increase in the total assessed valuation of residential property in the Village.

Sadly, under Mayor Broda (now in his 4th term of office), the Village of Lisle has been focused development of new residential. The commercial and industrial tax base has eroded leaving the residents to pick up the slack and pay more and more tax. 

  • 2001 Commercial + Industrial EAV  = $ 373.5 Million
  • 2013 Commercial + Industrial EAV  = $ 350.0 Million  (6% reduction)
  • 2001 Residential EAV = $ 392.7 Million 
  • 2013 Residential EAV = $ 566.0 Million (44% increase)

(click image to enlarge)

Lisle's 1st TIF District Continues to Decline in Value

In December 2010, the Village of Lisle Board of Trustees approved the single-parcel 2600 Warrenville TIF District and a Redevelopment Plan for Navistar's renovation of the 88-acre multi-building 1.2 million square feet office campus formerly owned by Alcatel Lucent.

The property purchase price in 2010 was $33 Million.

The most recent assessed value has not come close to the $188.5 Million that Mayor Broda presented at his State of the Village address in 2013.

The TIF Redevelopment Plan identified a $130 Million investment.
        $110 Million in private investment
          $20 Million in publicly funded investment from the TIF.

The 2014 Fair Market Value, per the County Assessor is $115 Million; $15 Million less than the reported total investment. (Ref: 2012 TIF Report filed with the IL Comptroller)


History of the declining taxable value:

The project area has only seen a $2 Million increase in EAV as a result of a $20 Million TIF Redevelopment Agreement. (EAV is 1/3 of the fair market value)

The TIF has failed to spur development in the surrounding area and surrounding property values have fallen significantly since the completion of the redevelopment - most notably the decline in assessed value of the nearby hotels and office buildings.
(click image to enlarge)


Ref: PIN 08-04-100-022




                                                           Ref: PIN 08-04-101-015 





Ref: PIN 08-04-101-012



DuPage County Property Lookup:  https://www.dupageco.org/PropertyInfo/PropertyLookUp.aspx