How much should an acre of land be worth in Will County? The number can vary greatly — depending on which town or school district it’s in. But those values are used by taxing bodies to determine how much a residential developer must contribute to their cause.
Despite numbers they felt were “fictitious,” Will County land use committee members approved the fair market value for an improved acre of land, but vowed to change the ordinance going forward.
Developers of subdivisions in unincorporated areas are required to give land to schools, parks and libraries, or cash in lieu of land, based on the fair market value of an acre, which is set annually by the county board.
Tuesday, as the land use committee updated its Will County School Site Contribution ordinance, members questioned the numbers submitted by school districts, which were to be supported by an appraiser who is a member of the Appraisal Institute.
Values ranged from a high of $190,000 per acre in Indian Prairie District 204 in Aurora to $38,500 in Fairmont District 89, in unincorporated Lockport Township.
County board member Bob Howard, D-Beecher, said the numbers “are not real.” The value of an acre in Beecher District 200U is listed at $85,000, he said, “but we’re lucky to get $8,500.” The values were set at the “height of the economy” and have not been changed, he said.
“Schools are not updating them because it is to their advantage to use old numbers,” said county board member Ray Tuminello, R-New Lenox, where the value of an acre in School District 122 is $130,000.
But Howard disagreed and said the taxpayers are “not getting a fair shake.” For example, he said, if a developer provides 10 acres based on $100,000 per acre — or a $1 million contribution — in reality the acreage is only worth $85,000 in today’s market.
“This is the same conversation as last year and here we are again,” said board member Judy Ogalla, R-Monee.
David DuBois, the county’s development review division director, told the committee that because there are no large subdivisions currently planned in the county, the issue could be tabled until the numbers could be revised for schools, parks and libraries. He suggested they hire a consultant “to do this right.”
Board member Steve Balich, R-Homer Glen, wanted to vote down the updated ordinance with these proposed land values and force the schools to provide more accurate figures. He said the schools are violating the ordinance by not filing an appraisal with their valuations.
The committee agreed — with Howard voting “present” — to approve the ordinance with these land values and referred the matter of revising the ordinances to the county board’s executive committee.
According to proposed ordinance — which must still be approved by the full county board — values for an acre of land include: $150,000 in Homer District 33C, $137,500 in Frankfort 157C, $130,000 in Mokena District 159, $125,000 in Union District 81, $110,000 in Crete-Monee District 201U, $90,000 in Summit Hill District 161, $87,000 in Lockport District 91, and $45,000 in Manhattan District 114.
