Residents Express Frustration Over Increase in SSA Taxes
Property taxes likely to rise in three city neighborhoods due to delinquent payments on vacant properties by the developers.
Residents of three Yorkville subdivisions expressed their frustrations over increasing property taxes due to lack of payment of Special Service Area taxes on vacant properties by neighborhood developers during a special city council meeting. Residents in Raintree Village, Windett Ridge Homeowners Association, and Grande Reserve central can expect to see their property taxes increase between $120 and $300 due to the delinquent property taxes. The developers of the three subdivisions, Morgan Stanley Bank’s LLC holding company in Raintree Village, Windett Ridge LLC in Windett Ridge, and US Bank’s LLC holding company in Grande Reserve, failed to make the property tax payments this year. County officials sought to sell off the property taxes, …
Pat Butler
9:49 pm on Wednesday, January 23, 2013
I'm a real estate appraiser and have been aware of these terrible SSA schemes long before they even started in our area. Unfortunately, purchasers do need to read the documents that they are signing at closing. Furthermore, those of you who used an attorney at your closing might want to have a talk with him or her if this SSA issue wasn't explained to you. Some folks are in an even worse … more ›