Buffalo Grove cuts planned levy

Buffalo Grove is putting in its two cents when it comes to property tax abatements.

On Monday, the village board abated its property tax levy for 2009 to the tune of $380,000, or 2.81 percent of its initial levy of more than $13 million. The initial villagewide levy rate of .7399 per $100 of assessed value was cut to .7197, a drop of about 2 cents.

Village Manager William Brimm said the funds for the abatement come from the village's water fund, corporate fund and Arboretum Golf Course fund. The portions of the tax bill being abated are for payments on bond issues for projects like street maintenance and the development of the Metra station.

Brimm said that since 1977, Buffalo Grove has abated more than $64 million out of the more than $263 million that have been levied.