Schaumburg homeowners might receive $150 rebates from the village early next year
Schaumburg homeowners might be getting unprecedented $150 rebates early in the new year - intended as a way to help alleviate this year's high inflation and enabled by the village's own strong revenue growth.
Village trustees on Tuesday endorsed Mayor Tom Dailly's proposal, but the formal approval won't take place until the next village board meeting on Tuesday, Jan. 10.
"One of the things we talked about during the pandemic was how we could help people," Dailly said. "We are now in a better position."
Though the pandemic caused Schaumburg to suffer a severe decrease in its revenues, the current climate has been kinder. A surplus of $18.4 million in the village's general fund is currently projected at the end of the fiscal year on April 30.
The rebate, planned in the form of mailed checks, is based on the homeowner exemption for which the village's approximately 18,500 owner-occupied residences are eligible.
Under the rules of the exemption, neither renters nor their landlords would be eligible.
If formally approved next month, every eligible homeowner in the village would receive the same amount regardless of property value, property taxes paid or household income.
The rebate is calculated to cost the village $2.8 million from its projected surplus this budget year.
Though the final amount of the surplus may not end up as projected, officials felt that $2.8 million would be a sustainable impact.
The payments could have tax implications for homeowners, such as those who itemize their deductions. An accompanying letter is planned to encourage residents to consult with a tax professional to determine their obligations.
Dailly said the only similar relief program he's heard of was in Elk Grove Village, where officials this September mailed $200 gift cards with the label "Shop Elk Grove" on them to all 14,000 households in town.
If approved, the Schaumburg payments likely would be sent out in waves over several weeks, depending on the ability of the village staff to prepare them.
Though this program could be discussed again in the future, it is currently being considered as a one-time payment based on this year's particular circumstances.