Village Anticipates Minimal Property Tax Increase, Stresses 50% Rebate
New Lenox plans to levy about $50,000 more in taxes this year, which would mean about $10 more for the average homeowner. But the Village Board reminded residents that they'll get half their property taxes back.
Despite a small tax increase on the village's property tax levy, New Lenox residents could see a net savings because of an increased tax rebate.
On Monday, the village announced plans to levy about $50,000 more than the village asked for last year. For an average homeowner with a $200,000 house, that means about $10 more paid to the village.
But the Village Board authorized giving half of residents' property tax bills back, up from 40 percent last year. For the average resident, that means an additional $30 back.
The board gave official authorization Monday to rebate 50 percent of these property taxes to eligible residents and reminded those residents to turn in their rebate forms by Dec. 15. About 3,000 people have already returned forms.
The equalized assessed value of New Lenox homes is estimated to be down about 5 percent, said village finance director Kim Auchstetter, but she added that there will be about $5.3 million in new growth and annexations.
Overall, the village will levy $2,333,387. Although tax cap laws don't apply to New Lenox, because of its home rule status, the village will not tax above the amount of inflation.
"We promised voters we wouldn't," Mayor Tim Baldermann said. "If we're not doing it now, in the toughest of times, I can't imagine a board that would sit up here and do it."
The board will vote on the tax levy at its meeting at 7 p.m. Monday, Dec. 12, at Village Hall.
|General funds (police, streets, community, administration)||$226,366|
|Illinois Municiapl Retirement Fund||$570,000|
|Federal Insurance Contributions||$620,000|