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Illinois Schools Finally Received Casino Benefits

JOLIET, Illinois – As reported by the Illinois Herald News: "Local schools are finally starting to receive direct tax benefits from casinos, more than a decade after the first riverboats began cruising the Des Plaines River.

"The Joliet Grade School District expects to gain nearly $1 million in property tax revenue next year because a portion of Harrah's downtown casino development is joining the tax rolls. This is the first time the district is able to tap improvements that received a 10-year enterprise zone abatement.

"The additional revenue represents a significant portion of the district's $25 million tax levy for the upcoming year, school officials said on Wednesday. The district expects to collect $1,035,000 in real estate taxes from Harrah's next year, compared to $58,000 this year, said Joan Holm, the school district's accounting manager.

"The additional revenue comes from a permanent pavilion that Harrah's opened in November 1993. Taxing bodies will collect even more revenue as additional parts of the complex — a hotel and parking deck — join the tax rolls. The casinos themselves, which float on water, are not subject to property taxes.

"…City officials said the schools' increased revenue illustrates how tax incentives do pay off in the long run…"

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