Algonquin freezing 2014 tax levy

Algonquin is looking to collect roughly $5.4 million in property taxes from residents in Kane and McHenry counties.

The village board this week approved freezing the property tax levy for the 2014 tax year.

The 2014 property tax levy, which is payable by property owners in 2015, is the lowest village levy since 2007, officials said.

"The village board works diligently to hold the line on operational costs and it is a great accomplishment that we have been able to do so," Village President John Schmitt said. "We've been able to achieve this while continuing to proficiently invest in capital infrastructure to further enhance Algonquin."

In the last six years, the village's property tax levy has either been frozen or has decreased from the previous year's levy, officials said.

Algonquin's property tax rate - 0.681 in 2013 - ranks among the lowest for a municipality in the region, officials said.

Property values are projected to decline an estimated 3.7 percent, but village officials are optimistic that with new growth and development in town the village tax rate may only see a modest increase, said Michael Kumbera, assistant village manager.

The Riverside Plaza development in downtown, which took partial occupancy late this year, is part of that new growth. It consists of 63 luxury apartments with 9,600 square feet of ground-level retail shops and on-site parking. Algonquin also had 14 new single-family homes built this year, and some larger developments, including a new Gander Mountain store on South Randall Road.

"Final (property) valuations will not be available until spring of 2015, at which time we will know the precise tax rate," Kumbera said.

Seven percent of a residents' overall tax bill goes to the village. The remainder goes to other taxing bodies, such as schools, counties and other special districts.