Mount Prospect tax bill likely on the way up

The Mount Prospect village board preliminarily reviewed the resident tax bill for next year, noting a slight increase.

For a $350,000 home, the village portion of the property tax bill would go up about $27, to about $725, village officials said.

This portion does not reflect the entire property tax bill for residents, as other taxing bodies, like schools, aren't included.

The village tax levy is expected to be about $14 million, an increase of about 3.76 percent. The annual increase for the levy is about 3 to 5 percent per year, so this jump is within normal parameters, said David Erb, finance director.

The money collected goes to police and fire pensions, solid waste collection, debt service and the general fund, Erb said.

The budget was also introduced for a first review by the board and will be discussed again at the next village board meeting.

Erb told the board that the overall budget is projected to be about $87.5 million, which is a 6.9 percent increase from last year.

General wage increases and benefits, street repairs and the sewer replacement program accounted for some of increase, Erb said.

The operating budget, which accounts for day-to-day expenditures, came in at $57.2 million, which was a 3.3 percent increase, he said.

The budget will discussed again at the next village board meeting, 7 p.m. Dec. 18 at the village hall, 50 S. Emerson St.