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?