Here - Chicago Executive Airport
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<strong>Chicago</strong> <strong>Executive</strong> <strong>Airport</strong> Economic Impact Study–2007 Page 4-2<br />
leasing from a tax exempt property owner 8 , as in the case of the hangar tenants at <strong>Chicago</strong><br />
<strong>Executive</strong>. As seen in Exhibit 4-1, in 2006, the total assessed real property value at <strong>Chicago</strong><br />
<strong>Executive</strong> was $6,089,800 and the actual real property taxes paid was $1,310,100. From 2003<br />
to 2005, the assessed real property value and the actual real property tax paid more than<br />
doubled, and in 2006, only slightly decreasing from the previous year.<br />
Exhibit 4-1:<br />
Real Property Tax Assessed Value and Paid Amount<br />
<strong>Chicago</strong> <strong>Executive</strong> <strong>Airport</strong> Economic Impact Study<br />
Year Assessed Value Paid by Lessees<br />
1993 1,283,561 225,193<br />
1994 1,304,630 232,248<br />
1995 1,311,920 227,011<br />
1996 1,321,926 231,546<br />
1997 1,311,920 233,287<br />
1998 2,085,267 375,047<br />
1999 1,875,446 338,137<br />
2000 2,917,837 438,804<br />
2001 2,917,837 458,415<br />
2002 3,648,552 599,044<br />
2003 3,562,192 733,684<br />
2004 1 5,405,355 1,055,771<br />
2005 7,248,517 1,377,858<br />
2006 6,089,811 1,310,076<br />
Source: Palwaukee Municipal <strong>Airport</strong> 2006 Comprehensive Annual<br />
Financial Report, p.36 and 2005/2006 Real Estate Taxes Assessments<br />
1<br />
Actual data unavailable, interpolated from years 2003 and 2005<br />
In addition to this <strong>Airport</strong> information, through the fence operators also pay similar property<br />
taxes. Property tax survey information collected from the through the fence operators suggest<br />
an additional $1.3 million is collected by Cook County. (Note that property tax estimates derived<br />
from the survey of airport tenants yielded property estimates of $1.4 million – just slightly higher<br />
than the actual values reported in the CAFR.) In total, the airport tenants and through-thefence-operators<br />
collect an estimated $2.7 million annually in local county property taxes.<br />
4.3 Business Taxes<br />
The IMPLAN model also provides an estimate of the taxes paid by businesses associated with<br />
normal operations, including sales taxes, excise taxes, fees, and licenses. Indirect business<br />
taxes are considered a portion of the value added aspect of total output. These tax impact<br />
estimates exclude income taxes and the property taxes paid by at-airport businesses. In total,<br />
8 The Illinois Property Tax System: A Guide to the Local Property Tax Cycle. Illinois Department of<br />
Revenue. page 6.<br />
Wilbur Smith Associates November 2007
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