Algonquin Votes to Lower Property Tax Levy Payable in 2017
The Algonquin Village Board voted unanimously Tuesday (Dec. 6, 2016) to lower the property tax levy for the 2016 tax year.
The 2016 property tax levy, which is payable by property owners in 2017, was lowered by 2.3 percent and is below 2008 levels.
“A top priority of our Village Board is to reduce our local tax burden to the community” said Village President John Schmitt. “We’ve been able to take some creative approaches operationally with our performance management program and partnering with our neighboring communities to provide more efficient municipal services, which lowers our operating costs.”
The village of Algonquin’s property tax rate ranks among the lowest for a municipality in the regional area, according to a village news release. The village receives about 6 cents of every $1 paid in property taxes, or 6 percent of a resident’s overall tax bill. The remaining 94 cents on the dollar go to other taxing bodies, including school districts, counties and special districts.
“While we are managing our operating costs well, we continue to make sound investments in infrastructure and transportation that will help fuel the growth of our local economy for years to come,” Schmitt said.
In addition to a lower levy, new residential construction growth in Algonquin is expected to further reduce the tax rate for residents.
For more information regarding Village of Algonquin financial information, please visit www.algonquin.org/finance.
SOURCE: village of Algonquin news release. For information about this news release, please contact Michael Kumbera, Aassistant village manager, at 847-658-2700.