What's it worth? (Viking Dodge R/E)
Topics: Viking Dodge
March 20, 2009
I've been watching the dwindling supply of new vehicles on the sales lot at Viking Dodge. The rows of cars are spaced more widely, and the vehicles are parked closer to the front of the property.
I've also been watching the activity involving the Crystal Lake Park District and was interested to read this morning that it has approved paying $6,290,000 for Viking Dodge's property at 680 W. Terra Cotta Ave. (IL 176), Crystal Lake, just east of U.S. 14, subject to four more months of "study."
That location was easily found on many days because of a grey Dodge Magnum parked on U.S. 14, pointing the way to Viking Dodge. Have you heard the latest radio ads for Viking Dodge? They offer $400 off to anyone who buys a car from Viking on a day when that grey "van" is there.
If you actually are going to buy a car from Viking, call me; I'll call Wayne in Marengo and tell him to hotfoot it over there. You can give him $100 of your $400 savings. You might talk to him first to get some money-saving tips that will help you save even more than $400. Or ask me.
Now, about the $6.29 Mill...
Last week I checked the tax bill for 680 W. Terra Cotta Ave. And the bill? The McHenry County property tax bill for 2007 was $80,325.
According to the bill, which can be viewed on the County Treasurer's webpages for PIN 14-31-251-001, the Fair Cash Value $3,339,624.
There is probably a really good reason for the Park District for pay $6,290,000 for a property that two years ago had a Fair Cash Value that was $3,000,000 lower. Are property values in McHenry County higher or lower than two years ago? If you don't know the answer, ask any property owner in the County.
The S/A Value $1,113,208. Since this is 1/3 of the Fair Cash Value, this must be the Assessed Valuation, to which the tax rate is applied.
Don't forget that McHenry County will lose $80,000/year in property taxes, if that sale goes through and the property comes off the tax rolls.
Should the Park District acquire some land that is already off the tax rolls?
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