Buffalo Grove abates part of property tax levy

Buffalo Grove trustees this week passed an ordinance abating a portion of the property taxes levied on Dec. 1. The abatements were recommended following a review of anticipated funding from a variety of sources.

The amount to be abated totals $200,000 or 1.34 percent of the initial request. With abatements credited against the initial levy of $14,921,612, a net extension of $14,721,612 is proposed. Assuming a tax base of $1,417,116,013 as assessed/equalized, the initial village‐wide levy rate of $1.053/$100 would be lowered to $1.039. The final property tax increase is 0.61 percent.

Abatements were applied to the levies for four series of corporate purpose general obligation bonds, including one series for street construction.​