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Buffalo Grove trustees passed an ordinance this week abating real estate taxes for the 2012 levy, which will be collected in 2013. The board agreed to abate $419,000, or 2.8 percent of the initial request. The initial levy was $14.7 million. With the abatement, it is $14.3 million, for a net increase of 1.16 percent over last year. The abatements were applied to two series of bonds, one issued to fund street maintenance and another issued to an escrow account for advance refunding of two series of bonds for facilities development and a series for street construction. Instead of the property tax, the village will use money from the general fund and the water fund to make the abated bond payments.
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