Budget Message / Highlights - Metropolitan Water Reclamation ...

METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO
2009 BUDGET
TAXABLE PROPERTY WITHIN THE DISTRICT (Equalized Assessed Valuation)
The equalized assessed property valuation of the
Metropolitan Water Reclamation District has shown
an average growth of 7.78% per year over the past 10
years. The boundaries of the District encompass 91%
of the area of Cook County. The District is located in
one of the strongest and economically diverse
geographical areas of the country. The growth in
commercial, industrial and residential sectors in both
downtown Chicago and the suburbs contributes to the
strong base and growth in value of properties located
within the District.
The Cook County Assessor is responsible for all
taxable real property within Cook County except for
railroad property and pollution control facilities,
which are assessed directly by the State of Illinois.
The equalized assessed valuation of real estate
property is determined in Cook County, Illinois based
on market values of real estate, reduced by a
classification factor determined by property use, and
then multiplied by the State of Illinois equalization
factor. The statutory objective is to value property at
33 1 / 3 % of estimated fair market value.
The equalized assessed property valuation of the
District is very important due to the primary reliance
of the District on the property tax to fund current
operations and future capital programs.
$180
$160
$140
$120
$100
$80
$60
$40
$20
Billions
Equalized Assessed Valuation has
shown an annual average growth of
7.78% over the past 10 years.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Year Real Property Railroad Property and
Pollution Control
Facilities
Total
1997 $ 73.55 billion $310.94 million $ 73.86 billion
1998 76.44 billion 314.02 million 76.75 billion
1999 80.53 billion 337.21 million 80.86 billion
2000 85.15 billion 367.14 million 85.52 billion
2001 92.51 billion 404.55 million 92.91 billion
2002 102.40 billion 431.82 million 102.84 billion
2003 110.12 billion 145.81 million 110.27 billion
2004 118.99 billion 148.62 million 119.13 billion
2005 130.44 billion 148.80 million 130.59 billion
2006 141.31 billion 156.27 million 141.47 billion
2007 155.80 billion 172.25 million 155.97 billion
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