The Geneva City Council proposes to raise property taxes, other than those collected for debt, by about $160,000 next year.
The council, meeting as a committee of the whole Monday, approved an estimated 2012 tax levy, which will be collected in 2013. Aldermen Ralph Dantino and Richard Marks voted "no." Alderman Sam Hill was absent.
Contact information ( * required )
Aldermen learned that the equalized assessed valuation of existing properties in the city declined 3.32 percent from last year, a loss of $32.2 million. That was offset by a gain of $4.1 million in new properties.
"It (the decline) is mostly in residential areas, kind of catching up with the last few years of the housing crisis," said Tom Dahl, the city's finance director.
The city proposes to collect $4.75 million to support operations and retirement contributions, and $1.76 million to repay debt. The increase in the first part of the levy, $160,897 more than what it collected this year, is limited to 3 percent by Illinois' property tax cap law. The debt levy is unrestricted; the city proposes to collect $84,621 more than it did this year. The amount of taxes a landowner pays for the debt, however, could be lower if the city chooses to use other money to abate, or make a payment on, part of the debt levy.
The council is expected to consider the final version of the request Dec. 3. The levy request must be filed with the county clerk by Dec. 25.