Algonquin proposes 4.6 percent tax levy increase

Algonquin officials are proposing to collect 4.6 percent more in property taxes for next year.

The village is considering increasing the 2015 property tax levy to $5.7 million - $250,000 more than the previous year, according to village documents.

Assistant Village Manager Michael Kumbera said the additional money is needed mostly to fund a $597,000 increase in public pension payments. About $1.8 million overall is needed to fund police pensions.

"We want to be able to keep up with our required pension contribution," Kumbera said. "We don't want to underfund our pensions and kick the can down the road."

Kumbera could not say what impact the levy will have on individual tax bills. However, the village's assessed value is expected to increase 4.5 percent - its first increase since 2009 - because of new construction such as the Algonquin Square Apartments, a new Gander Mountain store and additional houses.

That likely means the village's tax rate of .705 cents per $100 assessed value will stay flat, Kumbera said.

The precise impact of the rate on individual property taxpayers, however, depends on whether the taxable value of their homes increases.

The village is taking a "balanced approach" to its spending, Kumbera said, noting that officials are looking at operating efficiencies and other cost-saving methods that may lessen the burden on taxpayers.

"We're not looking for revenue enhancement," he said.

Algonquin must file its final tax levy to Kane and McHenry counties by Dec. 29. The village board will review the proposed 2015 tax levy Tuesday and is expected to adopt the tax levy ordinance Dec. 15.