HUNTLEY – Huntley trustees had split opinions on two property tax levy proposals with Mayor Chuck Sass breaking the tie in favor of lower taxes.
Trustees discussed two proposals at a village board meeting Thursday: to fully fund the police pension obligation alone or to fund both the pension fund and social security employer obligations.
An average homeowner of a $250,000 house in Huntley would pay $10 more – $467 – to the village to fund just the pension or $27 more – $484 – to fund the pension and social security obligations, according to village documents.
Under the first option, the village would ask for about $4.7 million, compared with the $4.5 million requested last year, village documents show. Under the second plan, the village would be levying for about $4.9 million, documents show.
This year’s costs for the police pension fund increased by $184,303 in part due to a statutory requirement that the village’s fund is at least 90 percent funded by 2040, according to village documents.
The equalized assessed value for Huntley is the highest it has ever been, standing at about $886.3 million, making it possible to levy additional dollars while keeping the tax rate static, Village Manager Dave Johnson said.
Trustee Harry Leopold said he was in favor of the second option, but would transfer surplus money into the city’s general fund.
“It’s only $17 more, and the rate is the same, and it would provide us with a few more needed dollars to do some of the capitol projects that have been waiting, like lighting the intersection at Kreutzer and Route 47 and some minor capitol projects,” Leopold said.
Tax levy funds are allocated for general fund operations, employer obligations, social security, the police pension fund and liability insurance costs, according to village documents.
“We keep our budget pretty tight, so I’d like to stay with Option 1 and meet our police pension obligation,” Trustee JR Westberg said. “We’ll figure out the social security piece, but let’s keep it tight.”
McHenry County is estimating a 7.88 percent increase in valuation and more than $12.3 million is attributed to new construction, according to village documents.
The village board decided on Thursday to move forward with the $10 increase plan. Two public hearings will be held during village board meetings at 7 p.m. on Nov. 16 and Dec. 7 at 10987 Main St. for residents to comment on the proposed levy. At the December meeting, trustees also will review the 2018 annual budget.