The value of living in Elk Grove
Elk Grove Village offers its residents the lowest taxes compared to nearby suburbs according to a study presented to the board on Tuesday.
The village's neighboring towns -- Arlington Heights, Hoffman Estates, Mount Prospect, Palatine, Rolling Meadows, Des Plaines, Schaumburg and Park Ridge -- are more costly to live in, according to the analysis conducted by the village's finance department.
Elk Grove residents who own a $300,000 single-family home now pay $3,702 annually. That amount includes taxes on property and utilities and other costs for garbage collection, yard waste stickers and animal licenses.
"Elk Grove Village is truly a tremendous value to the community," Mayor Craig Johnson said at the presentation at village hall. For a comparable home, the other municipalities came in the following order after Elk Grove:
• Park Ridge, $4,081.
• Schaumburg, $4,191.
• Des Plaines, $4,277.
• Rolling Meadows, $4,393.
• Palatine, $4,510.
• Mount Prospect, $4,567.
• Hoffman Estates, $4,590.
• Arlington Heights, $4,619.
The reason taxes are so low in Elk Grove is because of the village's business park, which is one of the largest in the country.
About 82 percent of the village's sales taxes come from the business park, generating about $15 million annually. In Elk Grove, sales taxes surpass property taxes, which is $11 million annually. Village officials said only Schaumburg brings in more sales taxes per capita than Elk Grove in comparison with the other towns.
The village conducted the survey now because it's about to embark on its biggest bond issuance in the village's history, which is about $30 million.
The village will use the money for its new public administration/police department, which it plans to build in the coming years.
The bond will increase taxes by $50 annually for a $300,000 home, which means taxes would be $3,752, village officials said.