As state lawmakers consider property tax reform, Lake County financial officials want them to look at the way properties are assessed.
From 2019 to 2024, the amount of assessed value of commercial property increased by about 12 percent in Lake County. But the amount of assessed value of owner-occupied homes — which have a lower property tax cap — increased by almost 50 percent.
Scott Schmal, the county council's financial director, said in a press release that's shifted the tax burden onto homeowners. He says that even if the General Assembly freezes the property tax levy, homeowners would continue to see their tax bills increase. Schmal suggests trending commercial property assessments off of the composite index for owner-occupied homes.
The county council says Schmal met last week with state senators Rick Niemeyer (R-Lowell), Dan Dernulc (R-Highland) and Shelli Yoder (D-Bloomington). Of those three, only Yoder voted against Senate Bill 1 on Monday.
