Libertyville officials say the quality of roads is a top concern among many village residents, and an issue they will have a chance to address on the March 20 ballot. Voters will be asked approve to a property tax rate hike on the sale of $20 million in bonds to fund improvements to about one-third of village roads. Those roads need repaving, officials say, and waiting will mean more costly reconstruction. The village would stagger four annual $5 million bond sales. Tax rates would be adjusted with each. The owner of a $300,000 home would pay approximately $34 each year up to a total of $135 per year, based on a 5-percent interest rate. A defeat means the village would continue using motor fuel tax and capital improvement funds to pay for about $1 million in work annually -- short of the $3.7 million official say should be spent each year. It's not the best time for a tax rate hike, but spreading it over several years eases the pain and will head off an even bigger cost later. We support the question.
posted: 2/29/2012 5:00 AM
Yes to Libertyville road referendum
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