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posted: 11/7/2012 5:11 PM

Algonquin property tax levy drops

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The Algonquin village board has unanimously approved a property tax levy that is 1 percent smaller than last year's tax extension, officials said.

The 2012 levy, which property owners will pay in 2013, is the lowest levy for the village since 2007, officials said in a news release. About 7 percent of local property tax bills go to the village.

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"The village board is committed to holding the line on our property taxes, and I am very happy we have been able to take another step this year by rolling back our levy," Village President John Schmitt said in the release. "We've been able to accomplish this while still maintaining core services and infrastructure in Algonquin."

The total levy for the 2012 tax year is $5,481,000, said Michael Kumbera, assistant to the Algonquin village manager.

The general fund budget for the current fiscal year is balanced at $18.4 million, with about five months' worth of reserves, he said.

Last year's levy in Algonquin also showed a decrease of about 1 percent over the previous year. The levy was stable with no increases in 2009 and 2010.

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