Want cheap property taxes?

by:  Diane Benjamin

Buy a Condo in the Ensenberger Building!

I was looking for something else when I stumbled on some astounding numbers.

Below are Condo Sales in the Ensenberger Building.  The Property Taxes are from the Assessor’s website.  Some properties list the Selling price, some don’t.  I looked up the ones without a selling price on the Recorder’s site.

The Taxable Value is supposed to be based on 1/3 of the total value.  These properties all have a Taxable Value far less than 1/3 of the purchase price.

Maybe the word hasn’t gotten out that buying a condo downtown has huge perks.  They aren’t selling.

I wonder if the other taxing bodies know how much revenue they are missing.

I’m sure there is a logical explanation.  It’s not because a TIF used to be involved!

 

1)

Purchase price $183,000 with property taxes of $1,520.52:

Pin # 21-04-325-007

http://mcleanil.devnetwedge.com/view/RE/2104325007

2)

The purchase price isn’t listed for this one, but a loan of $156,000 is recordedTaxes: $627.96

Pin # 21-04-325-021

http://mcleanil.devnetwedge.com/view/RE/2104325021

3)

Purchase price $318,000, property taxes:  $1,884.00

Pin # 21-04-325-015

http://mcleanil.devnetwedge.com/view/RE/2104325015

4)

Purchase price $217,000 – property taxes $870.42

Pin# 21-04-325-026

http://mcleanil.devnetwedge.com/view/RE/2104325026

5)

Purchase price:  $201,500 – property taxes:  $1,304.83

Pin # 21-04-325-016

http://mcleanil.devnetwedge.com/view/RE/2104325016

Actual tax bill stating Fair Market Value is $65,190:  21-04-325-016

________________________________________________

March 2, 2016 the Huff’s did a mortgage modification with CEFCU:

(From the Recorder’s site – I can’t link since permission is required)

huffmod________________________________________________

Jeff Giebelhausen has a video on-line discussing how to make development plans work.  It’s from 2010.

  1. He wants an 11% Return On Investment
  2. Cash is King
  3. Real Equity must exist
  4. The Market must DEMAND the project

The only demand for a downtown hotel is from Tari Renner.  Giebelhausen may be flat broke, so taxpayer cash must be the King.  I’m not sure where Real Equity would come from, maybe the City is looking at putting in video gambling machines.

 

 

 

 

 

 

 

 

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Comments

  1. I would guess the taxes reflect the pre-finished value. Don’t worry, Bloomington will go in, re-assess, and jack up the rate.
    Precisely why I keep my basement windows blacked out, so the nosy Town of Normal folks can’t see I finished my basement off…

    Like

  2. Ha! This is what happens with TIF–no increase is EVA. Special fund for the Huffs.

    Like

  3. Let those people HAVE their cheap taxes! WHO in their RIGHT MIND wants to live downtown? No parking on Friday and Saturday nights and weekdays, no garden, no yard, Neighbors in your mailbox, and seriously, HOW many times can you go to the McLean county Museum of History? Not to mention, you STILL don’t REALLY own it!

    Like

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