Tax
Memo 2005
Board Approved New Tax Levy
From: Walter
E. Smithe, Finance Chairman
In December 2004 the Public Hearing for the 2004
Tax Levy was held, followed by the Village Board’s approval
of a $4,994,866 levy for the implementation of Village services
and operations. The four counties levied $259,585 for the Bond
issue. There was no increase over last year’s tax extensions.
At the same meeting the Board approved, by Ordinance, the necessary
funds for the Police Pension Board, and its funds are included
in the total levy. There was no increase over last year’s
tax extension.
Over the past few years, deficits had been building in a number
of Village Funds: expenses exceeded revenues, and reserve funds
were used to cover those deficits. Since over 66% of revenues
received come from property taxes, the Village is highly dependent
on the levy, and the increase from the previous Tax Levy is beginning
to reduce those deficits.
Property tax bills are the end result of what begins as our
levy. Included in the final figures are a number of variables
attributable to the four counties’ actions after the filing
of the levy. The townships are reassessing properties on an annual
basis (with the exception of the Cook County triennial) and the
counties are deciding on the tax rates and the percentage of
tax burden each will take to divide our levy among the four of
them. For the 2003 Tax Levy, Cook County assumed 68% of the tax
burden, Kane 2%, Lake 16%, and McHenry 14%. Tax burden percentages
change from year to year, and figures are not yet available for
the 2004 Levy. Detail questions about each county
tax bill may be obtained by contacting directly Cook (312-443-5100), Kane (630-232-3565), Lake (847-377-2323)
and McHenry (815-344-4260).
In Cook County, the due date for the first installment is March
1, 2005. The first installment is 50% of the prior year’s
total tax (the 2003 Levy). The second installment will reflect
the new assessed values of properties and our 2004 Levy. In the
other three counties, the first installments are 50% of the 2004
Levy.
A copy of the adopted Levy and other fiscal documents of the
Village can be obtained from the Village
Treasurer (847-551-3002).
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