The Marengo City Council will vote Monday on a property tax levy of about $1.65 million, which represents an estimated 4% increase over the city’s 2018 tax extension.
The council adopted a resolution determining this levy amount at its Nov. 25 meeting. The projected property tax extension amount for 2019 is about $1.62 million, a 2.17% increase over the 2018 extension.
Based on the resolution approved last year, a flat 4% increase typically would be applied to each municipal fund. However, adjustments were made to establish a flat extension for all funds except for the police pension fund.
Over the past few years, tax extensions for the city of Marengo have continued to increase.
In 2016, Marengo’s tax extension was about $1.51 million, according to data from the McHenry County website.
In 2017, the extension was about $1.55 million, an estimated 2.65% increase. The 2018 extension was about $1.58 million, a 2.4% increase over 2017.
The council also will vote on abating taxes levied for 2019 to pay the principal and interest on general obligation bonds taken out in 2014 and 2019.
According to the proposed ordinance, the city will have the revenues in the appropriate account for the purpose of paying these bonds up to and including the June 1, 2021, payment.
The council meeting will be at 7 p.m. at Marengo City Hall, 132 E. Prairie St.