Fox River Grove residents with homes valued at $200,000 could pay about $40 less in property taxes to the village next year, officials said.
On Dec. 6, the village adopted an $18,882 increase (2.1 percent) to the amount of property taxes collected for the village portion of the property tax bill; however, that levy request will be offset by a $91,558 reduction tied to the payment of the village’s only outstanding general obligation bond.
The net result is a 7.3 percent property tax reduction for 2019.
The expiring bond was issued about two decades ago to fund the construction of Village Hall and the police department, and the village came to the end of its payment cycle this year.
In 2018, the village portion of property tax bills for residents with a $200,000 home was $460.
In 2019, that portion is estimated to be about $420, Village Administrator Derek Soderholm said.
“The villages always have to borrow money to do projects. When they are paid off, the villages normally use that opportunity to get more debt to get more big projects going,” Village President Bob Nunamaker said. “We have chosen not to take on any more projects. Residents are going to see a benefit.”
The village portion of a resident’s property tax bill represents about
6 percent of the overall tax bill. The other 94 percent goes to schools, McHenry County and the Fox River Grove Fire Protection District.
The total levy is $935,019, but the village “overlevies to ensure that we capture all new property,” Soderholm said.
“We anticipate the actual dollars collected based on our tax levy, which is subject to the tax cap, will be $925,019,” he said.
