LAKEMOOR – The Lakemoor Village Board has approved a 5 percent increase on its tax levy.
Much of the increase will be covered by new growth on the Lake County side of the village, including 18 new homes built in the Rockwell Place subdivision, Village Administrator David Alarcon said.
Unlike last year, however, the board also decided to take the increase its allowed under the state property tax cap, which means property owners may see an increase on the portion of their tax bill headed to the village.
“Unfortunately, everything is increasing,” Village President Todd Weihofen said. “The cost of services is increasing.”
The tax cap limits how much more money local governments can bring in each year by tying it to inflation plus new growth. The rate of inflation, as measured by the consumer price index, was 1.7 percent in 2012.
The cap – which applies to park districts, school districts and non-home rule municipalities – was passed in 1991 to reign in escalating property taxes in the suburbs.
The levy increase was approved by a 4-0 vote in November. Trustees Colin McIntyre and Jeff Nykaza were absent.