Understanding the Village of Schaumburg Information Reported on Cook County Property Tax Bills
Updated: February 2017
Money Owed by your Taxing Districts
This is the total outstanding debt and other liabilities owed by the Village. The $323,417,365 reported as of 4/30/16 is broken down as such:
|Accounts Payable (bills owed but yet not paid)||$15,213,440|
|Accrued Interest (interest owed but not yet paid)||1,207,127|
|Accrued Payroll (salaries earned but not yet paid)||1,237,319|
|Unearned Revenue (money received but not yet earned)||2,192,047|
|Debt payments due in one year*||7,343,418|
|Debt payments due in more than one year*||290,142,039|
*$243,347,346 of the Debt payments due are related to the outstanding bonds sold for construction of the Renaissance Schaumburg Hotel and Convention Center, and water and sewer infrastructure improvements.
Pension and Healthcare Amounts Promised by Your Taxing Districts:
This is the total accrued liability related to the village’s three pension funds and post-employment benefits offered to retirees.
Amount of Pension and Healthcare Shortage:
This is the amount of the pension and healthcare benefits that have not yet been funded by the village.
% of Pension and Healthcare Costs Taxing Districts Can Pay:
This is the total percentage of the three pension plans and healthcare liability that has not yet been funded. The three pension funds are currently funded at the following levels:
- Police Pension 60.5%
- Firefighter’s Pension 67.1%
- Illinois Municipal Retirement Fund (IMRF) 87.4%
Unfunded healthcare obligations are calculated by an actuary and based on many assumptions mostly related to imputed rate increases due to insuring older former employees; retirees pay 100% of their health insurance premiums. (pg. 86)
The 65.66% reported on Cook County tax bills means that 34.34% of the pension and healthcare liabilities are currently unfunded. However, each year the village hires a licensed actuary to determine the annual amount that must be contributed to the pension funds in order to meet full funding levels in the future. Village contributions meet or exceed the annual funding amounts required per State statute.
More detailed information on all of these items can be found in the village’s Comprehensive Annual Financial Report for Fiscal Year ending April 30, 2016.
Do You Owe Property Taxes?
Officials from the Cook County Treasurer’s Office are reminding homeowners who are delinquent in paying their taxes for the 2016 tax year that they must comply to avoid unpaid taxes from being purchased by a tax buyer at the next upcoming tax sale that will be held in May of 2018.
Currently in Schaumburg, there are 1,314 property owners whose taxes are past due. Of those, 159 property owners may not know they are behind in their taxes because they have failed to update their mailing address with the Cook County Treasurer. The village encourages you to check the county’s list of delinquent properties to see if you are affected so that you can make arrangements to gather the resources necessary to redeem your unpaid taxes and avoid the tax sale.
The Cook County Treasurer’s Office will send another round of delinquency bill to these addresses on the list in early September. For more information on property taxes and how to pay your taxes, contact the Cook County Treasurer’s Office at (312) 603-6202 or visit the Cook County Treasurer’s website.