ALGONQUIN – Algonquin trustees approved keeping the village’s property tax levy flat Tuesday.
The village will ask for $5.6 million for the 2017 property tax levy – the same amount as the 2016 tax levy, according to village documents.
Trustees unanimously approved the levy at the Village Board meeting.
For fiscal 2018, property taxes – including a road and bridge tax levy by the township – comprise 31 percent of the village’s general fund revenue, village documents show.
Algonquin trustees soon will be reviewing the village’s budget, and many villages have had to make tough decisions recently with state income tax and local revenues decreasing, Village Manager Tim Schloneger said.
Schloneger referred to McHenry County approving an 11.2 percent cut to its property tax levy and said Algonquin never raised taxes to begin with in 2008.
“I feel good about the level of investment we are making,” Schloneger said.
Items taken into consideration for fiscal 2018 and fiscal 2019 planning include a recommendation to fully fund the Algonquin Police Pension Fund by 2033, a
10 percent reduction in the Local Government Distributive Fund and growth in equalized assessed valuation from both property value appreciation and new construction, documents show.