LAKE IN THE HILLS – The Village Board will meet Tuesday to discuss keeping Lake in the Hills’ property tax levy flat for the eighth consecutive year.
The board will meet at 7:30 p.m. at Village Hall, 600 Harvest Gate, to discuss a plan for a $5.4 million levy.
“The Village Board and staff are keenly aware of our state’s extremely high property tax burden and realizes keeping our portion flat for the past eight years has been helpful and appreciated by our constituents,” a village memo stated.
The rates are based on an estimated equalized assessed value rate of $658 million – a 7.4 percent increase from 2016’s rate of $612 million, according to village documents. The estimated tax rate is expected to decrease by 6.9 percent, from 0.89 to 0.83, because of the projected value rate increase.
“Each individual property owner’s real estate tax bill will fluctuate based on the percentage change in equalized assessed value for each property compared to the percentage change for the entire village,” the memo stated.
Additionally, the 2017 tax levies for debt service are proposed to be abated entirely, according to documents.
About $1.3 million is proposed for the police pension levy, and it seeks to have pensions fully funded by 2033, according to village documents.
The levy will be presented at the
Dec. 12 Committee of the Whole meeting and voted on at the Dec. 14 board meeting. The village must adopt its levy by the final Tuesday in December.
Because the levy for 2017 does not exceed the 2016 levy by more than 5 percent, a public hearing is not required before it is approved.