Village Approves 2011 Property Tax Increase
New Lenox will levy about $50,000 more in taxes this year, which means about $10 more for the average homeowner than last year. But the Village Board reminded residents that they'll get half their 2010 property taxes back.
The New Lenox Village Board approved a minimal property tax increase Monday night, but again stressed this week's deadline to turn in forms to rebate half of the 2010 property taxes.
For an average homeowner with a $200,000 house, you'll pay about $10 more in property taxes to the village this year. But because the village will refund 50 percent of 2010 taxes, many residents will see a net savings.
The village will levy $2,333,387, which is about $50,000 more than last year. 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.
Property taxes make up about 9 percent of the village's $26.7 million operating budget, and the bulk of it funds mandated expenses, including retirement funds and police pensions.
|General funds (police, streets, community, administration)||$226,366|
|Illinois Municiapl Retirement Fund||$570,000|
|Federal Insurance Contributions||$620,000|
In a brochure, the village says the reason for the increase in taxes is because of a drop in the assessed valuation of homes, as well as new costs outpacing tax increases over the last decade.
"These increases, of which many are beyond our control, can be attributed to a growing population, increased and improved services and mandated programs," the village's literature reads.
The village also touts a lower tax rate than other nearby municipalities. New Lenox's 2011 limiting rate is $0.2906, compared to 2010 rates in Frankfort (.3398) and Manhattan (.6764). The village's taxes account for about 4 percent of your property tax bill.
Deadline for Tax Rebate Approaches
Residents eligible for the 50 percent tax rebate must turn in the forms they received to Village Hall by this Thursday, Dec. 15. To learn more about your eligibility and what you need to get the rebate, read more here: Deadline for Property Tax Rebate is Thursday