South Elgin levy is flat
Posted November 19, 2010 10:00 pm
South Elgin village officials expect to receive just $2,000 more from property tax payments next year compared to this year.
The village's 2010 estimated property tax levy is actually $4.8 million, a 32-percent increase from this year's $3.2 million tax extension. But like many taxing bodies, the village is overestimating to account for new construction, and wants to make sure it receives the maximum allowed under the state-mandated property tax cap, said Art Skibley, the village's finance director.
South Elgin is capped at annual increases of 5 percent or the rate of inflation now at 2.7 percent whichever is lower.
The village board will vote on the levy Dec. 6.
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