The Algonquin Village Board unanimously approved freezing the current property tax levy for the 2017 tax year at their meeting on Dec. 19.
The $5.6 million property tax levy, which is payable by property owners in 2018, is below 2008 levels, village officials said in a Friday news release.
“Operating within our means has always been a top priority for our Village Board,” said Village President John Schmitt. “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.”
The village of Algonquin’s property tax rate ranks among the lowest for a municipality in the region, the news release said.
The village receives about $0.06 of every $1 paid in property taxes, or 6 percent of a resident’s overall tax bill, with the remainder being paid to other taxing bodies such as schools, counties, and other special districts.
Of the village’s portion of the property tax, 84 percent is dedicated to public safety.
“We’ve been able to responsibly ease the village’s portion of property tax bills while still appropriately funding our long-term obligations and making wise investments in our infrastructure,” Schmitt said.
The approval of the flat property tax levy for 2017 comes on top of $1.4 million of property tax abatements for outstanding bond issues approved by the Village Board in July.
For more information regarding Village of Algonquin financial information, visit www.algonquin.org/finance.
SOURCE: Village of Algonquin news release
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