Fremont Public Library tax rate decreasing
Fremont Public Library District residents could see the library's portion of upcoming property tax bills decrease because the loan that funded the construction of the Mundelein building has been paid off.
The library's tax rate will drop to about 36 cents per $100 of equalized assessed valuation, from about 46 cents.
For the owner of a typical $200,000 house, that means the library's portion of the new tax bill will be about $217, down from about $277.
Officials considered asking the public to approve a funding increase for library operations or facility improvements but decided against it, library Director Scott Davis said.
"While the library could certainly use an influx of additional revenues ... the board felt (the need) was not strong enough at this time to override the climate of strong opposition to any kind of tax increase," Davis said.
Property tax bills were mailed to Lake County residents Tuesday. The first installment is due June 6, and the second installment is due Sept. 6.
The Fremont Public Library District includes most of Mundelein, unincorporated Fremont Township and parts of Grayslake, Wauconda, Hawthorn Woods and Round Lake Park.
Fremont voters approved a $10 million loan to build the current library, at 1170 N. Midlothian Road, in 1998. The 58,000-square-foot facility opened in 2001. The library board refinanced the loan in 2008, taking advantage of lower interest rates. The move saved taxpayers more than $417,000 over the remaining life of the debt, Davis said.
The final loan payment was made in February.
With the tax rate dropping, library officials expect to collect about $4.2 million in property tax revenue this year. Last year, the district levied about $5.1 million in taxes, and about $1 million of that sum was dedicate to repaying the construction loans.
The library board last asked the public for a tax-rate increase for operations in 2003. Voters rejected the proposal, as they had with four prior requests dating back to 1998.
"We hope that if the time ever comes that we do have to seek voter approval, the public will appreciate the fact that we have lived within our means and held off on asking for additional funding until we had no other choice," Davis said.