Elk Grove Village Property Tax Levy to Remain Flat.
Byline: Elk Grove Village
Elk Grove Village is proud to announce there will be no increase to any portion of the Village's property tax levy for 2018 (taxes payable in 2019). Property taxes collected by the Village are used to help fund three primary areas: General Fund, Debt Service Fund, and Pensions/Social Security. On Tuesday, November 13, the Village Board approved a levy that holds the line on property taxes in all three of the respective areas.
The Village works hard to reduce the tax burden on our residents and businesses, while providing high quality services.
"We hold ourselves to a high standard of fiscal responsibility, which means not only providing cost-effective services but also working to ensure the continued vitality of the Village's Business Park." said Elk Grove Village Mayor Craig Johnson, "We are proud that our efforts in these areas have allowed us to keep property taxes flat across the board for the Village's portion of the property tax bill."
The Village levies its property tax based upon a dollar amount--and for the past 12 years the Village has maintained the same General Fund Property Tax Levy, which is used to fund operations of the Village, such as police and fire services, road maintenance, and snow removal.
This is the first time in over ten years the Village will not increase the pension portion of the property tax levy, which is used to provide retirement benefits including state mandated police & fire pension funds, social security taxes and non-union pension costs. The debt service portion of the property tax levy covers principle and interest payments on the Village's bonds.
The Village's 2018 combined property tax levy will be $18,357,132.
Property tax bills are comprised of multiple government agencies, each of which establishes their own tax levy. Overall, the Village comprises approximately 9% of a typical resident's property tax bill, with 66-70% of the bill going toward school districts. The remainder of the property tax bill is made up by Cook County, townships and special taxing districts. Even with multiple, independent taxing districts, residents and businesses in Elk Grove Village once again experienced the lowest combined property tax rate in northwest Cook County for the most recent property tax bills.
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|Title Annotation:||Submitted Content|
|Publication:||Daily Herald (Arlington Heights, IL)|
|Date:||Nov 21, 2018|
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