Breaking News Bar
updated: 6/14/2011 5:31 PM

Impact of Kane forest preserve tax increase lower than expected

hello
Success - Article sent! close
 
 

Kane County residents will see a smaller increase on their property tax bills than originally envisioned by the passage of the forest preserve district's $30 million tax increase.

Voters approved the tax increase in April. The money will allow the forest preserve district to add about 2,000 acres to the district's holdings. The tax increase was expected to cost the owner of a home with a $300,000 market value about $14.76 per year more in property taxes.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

But in a highly competitive bidding process among six organizations, the forest preserve district received a better deal on the interest for its bonds than expected. At 3.9302 percent interest, the district and its taxpayers will save about $2.2 million in interest over the life of the bonds. That works out to about a 5 percent savings on the impact per household. In other words, a home with a $300,000 market value will now pay about $13.99 more in property taxes.

The better interest rate comes, in part, as the result of the district receiving a favorable bond rating report just before the bidding of the bonds. The district was upgraded from AA to AA+, putting it in the top 33 percent of organizations to receive a rating. District staff said the better bond rating is a direct result of its stable reserve funds and passage of a balanced budget.

Share this page
    help here