Buffalo Grove abates 1.4% of its tax levy

Buffalo Grove trustees this week approved an abatement of this year’s real estate taxes, payable next year. The abatements are an annual tradition in the village. This year, the amount to be abated totals $204,500, or 1.4 percent of the village’s initial levy request.

Assuming a tax base assessed at $1.5 billion, the initial villagewide levy rate of $. 9603 per $100 of assessed value has been lowered to $. 9340, which is a net increase of 1.85 percent over the prior year.

Finance Director Scott Anderson said the abatement was based on a review of anticipated funding, funds expected relative to water rates and fees, operating revenues from the two golf courses, and unreserved/undesignated fund balances available.