ALGONQUIN – The village plans to bring in less in property taxes next year.
The 2012 property tax levy, which is paid by property owners in 2013, will bring in an estimated $5.48 million – 1 percent less than this year and the lowest levy for the village since 2007, according to a news release.
“The Village Board is committed to holding the line on our property taxes, and I am very happy we have been able to take another step this year by rolling back our levy,” Village President John Schmitt said. “We’ve been able to accomplish this while still maintaining core services and infrastructure in Algonquin.”
The Village Board approved an ordinance for the annual property tax levy this week.
During the past four years, Algonquin’s property tax levy has been stable.
There were no increases in 2009 and 2010, and decreases in 2011 and 2012, the village said.
Algonquin’s property tax rate is among the lowest for a municipality in the region, according to the news release.
About seven cents of every dollar paid in property taxes, or 7 percent of residents’ overall tax bill, goes to the municipality, the village said.
The remainder goes to other taxing bodies, such as schools, counties and other special districts.
The estimated property tax rate is $0.613 per $100 of equalized assessed property value, which is an increase from $0.564. Village staff members have said they believe property values will decrease again.
The final property tax rate won’t be set until property values are set in the spring.