City aims for $50K more in taxes
MARENGO – City officials approved a $50,000 increase to its property-tax levy, but fear they won’t see the additional money because of significantly declining home values.
By 5-2, the City Council on Monday approved an increase to the $1.24 million in property taxes feeding city coffers this year.
But city may never see the additional money because property values are expected to decline. A similar situation happened last year, when the council raised its levy but ultimately received $34,000 less in property taxes than in 2010.