Buffalo Grove abates part of property tax levy
Posted December 18, 2014 12:01 am
Buffalo Grove trustees this week passed an ordinance abating a portion of the property taxes levied on Dec. 1. The abatements were recommended following a review of anticipated funding from a variety of sources.
The amount to be abated totals $200,000 or 1.34 percent of the initial request. With abatements credited against the initial levy of $14,921,612, a net extension of $14,721,612 is proposed. Assuming a tax base of $1,417,116,013 as assessed/equalized, the initial village‐wide levy rate of $1.053/$100 would be lowered to $1.039. The final property tax increase is 0.61 percent.
Abatements were applied to the levies for four series of corporate purpose general obligation bonds, including one series for street construction.
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