Elk Grove Village to increase property tax levy 1 percent
Elk Grove Village's overall property tax levy is set to rise by 1 percent due to a slight increase in the pension portion of the levy, officials said.
The non-pension portion of the levy is decreasing, and officials say this is the eighth consecutive year they've held the line on property taxes.
But a newly implemented tax on electric use, earmarked to fill the village's growing pension obligation, is bringing in revenue that might otherwise had led to a need for higher property taxes.
Village officials estimate the utility tax will generate $4 million a year, and hope it will be able to close a $60 million local pension funding shortfall in 15 years.
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