Friday, October 30, 2009

Peoria City Proposed Property Tax Increase - Peoria County Proposed Tax Increase Comparison

The City of Peoria announced today in the JS their proposed and estimated property taxes for 2010. It should surprise no one that the amount is an overall 7.77% increase over last year. The overall amount of property taxes the city anticipates collecting will be $44,797,266 compared to $41,567,470 in 2009.

Peoria County anticipates an overall property tax increase of 2.1% over 2009. The overall amount the county anticipates collecting from property taxes will be $26, 047,637 compared to $25,512,352 compared to 2009.

This is just the tip of the iceberg for the city. Think what amount of property taxes they will be collecting 10 years from now as I believe 7.77% will grow and compound every year.

Our County Administrator Patrick Urich believes he can hold our growth rate in the 3% range.

Think about it because you will start seeing rapidly increasing Peoria Public School District #150 taxes, even though built with bonds; these bonds will need to be paid off through revenues or taxes, guess which one, the new $100-300 million sewage system, the possible increases from the Peoria Park District to pay for the $27+ million zoo, the continued pay-off of the RiverPlex and other projects such as hotel expansion, etc.

TransPort, the EDC, the CEO Roundtable, the Chamber of Commerce, the Innovation Center and the "angels" had better start bringing some tax-paying businesses in town at a faster rate than they have done over the past decade. Population in the City of Peoria appears to be shrinking and overall County population has shown little growth over the past decade.

Do I sound like a broken record? If I do it is only because I do not think too many people are as concerned as they should be. Especially with Caterpillar subtly indicating that they see most of their growth overseas in the near or far future.

Remember Peoria County Sales taxes on most products go up Jan.1, 2010, museum or no museum. Also, remember,that all the people making "rosy" predictions have almost totally guaranteed jobs with pensions and health care benefits.

I'll close, in case you think the market doesn't affect almost all of us, the Dow closed 250 points down and the NASDAQ closed at it's lowest level since March. Is this the recovery the "best and the brightest" have been promising us?



Anonymous said...

"and the NASDAQ closed at it's lowest level since March"

March Nasdaq high: 1587

October NASDAQ HIGH: 2172

Anonymous said...

Steve J Weibring

writes go out to supplies to unkeep house ouch the sales taxes terrible

thanks peoria, I treat my employees that way haha lol

who wants a musuem, that makes everything more expensive

Merle Widmer said...

Sorry, largest one day drop since March.

Anonymous said...

Rod Mckiminson

writes they can't run a school, so peoria builds a charter school makes no sense no one pay more taxes

the city council of ruiners are at again\\

Merle Widmer said...

Peoria Public School Dist. #150 to run this charter school? I can't support it. A charter school run and funded by charter school supporters? Absolutely! I've written a dozen blogs listing many places across the country where private charter schools are very successful.

This charter school, I suspect, is another concession to the unions which have helped kill public education across the country. If #150 hires another "educator" as Super., the #150 school system is going to be in deeper trouble.

Read the JS today. If you had kids and families interested in a good education in a good school system where would you be more likely to locate your home?